Expert: Dick Dennis - 9/12/2008

Question
I went to the foreclosure auction at the court in New York and I purchase a property by putting down my 10% and I must make the final payment in 30 days. My question is can I sell this property to someone before the 30 days and can that person get a Mortgage at the same time. How do i go about doing this. Thank you.  

Answer
Great thinking, David. Of course you can assign your purchase to someone else. Just make sure that everybody knows about it, including the sellers. You might want to talk to the trustee or agent that handled the auction to make sure you do it right. He/she is going to be concerned that the money is there in 30 days. There is an outside chance that maybe New York doesn't allow that. Not likely though. I do wish you well.

Dick Dennis