Legal Question in Real Estate Law in Iowa

What is the foreclosure process, and when can a person purchase a home that has

We recently made an offer on a home that we were told was in its last week with the owner before going back to the bank. After the offer was made, we were told our offer would actually be going to the bank. Three days later, our realtor told us the bank would not be able to look at any offers for over a month yet. She mentioned something about ''Publising Notices'' and the rights of the previous owners. There was another offer in addition to ours and these people will also have to wait until the bank can accept offers.

I would like to know what a publishing notice is, what the foreclosure process is, and if a prospective buyer can do anything further to purchase the property other that just wait until the bank can accept offers. Thank you!


Asked on 12/13/01, 4:13 pm

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: What is the foreclosure process, and when can a person purchase a home that

Foreclosure is what a bank does to have the real estate ( typicaly a home ) sold in order to be paid on a delinquent promissory "note"/ Ajudge will set a date for the property to be auctioned, and it is "published" and anyone can come and bid, which might be the place to go to get this home real cheap but you need to see a lawyer about what it takes to secure a bid on foreclosed property

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Answered on 12/13/01, 6:38 pm


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