Newlywed&1st…, Home Buyer in Frayser - Raleigh PD,...

If I know that a property is in preforeclosure and really want to go forward trying to purchase or get ahead on getting a bid What 1st steps do i take

Asked by Newlywed&1sttimehomebuyer, Frayser - Raleigh PD, Memphis, TN Sun Jul 15, 2012

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Jason & Laura Wallace’s answer
Short Sales~Short Sales~Short Sales (A lot of Myths of there)

You will need an experienced agent that understands short sales, the process, each banks process, time-frame, closing costs paid for by seller, repairs and know what questions to ask the listing agent. Most importantly you will need a cooperating seller. I could go on and on. I have experience in selling short sale for over the past 4 years, probably before most agents. Selling residential real estate for 9 years!

Call us today for more advice about pre-foreclosures!

Laura and Jason, SFR
Short Sale Certified Resource
0 votes Thank Flag Link Thu Oct 25, 2012
Congrats Newly Wed & 1st Time homebuyer ! The very first thing to do is get pre-qualified. It is going to send a message that you are serious. You also need a experience negotiator "me". I have banking and real estate experience. I know how banks make decisions and I know how to get your offer accepted.Get the professional care you deserve by contacting me.
Go to or for education and listing alerts.
0 votes Thank Flag Link Wed Oct 24, 2012
Call a realtor like myself to keep track of the progress of the property to market.
I have been in the business for over 30 years and am an Accredited Buyers Agent. My name is Denise S. Richardson and my phone number is (901)604-8371.
0 votes Thank Flag Link Tue Jul 17, 2012
Call a realtor like myself to keep track of the progress to market.
(901)604-8371 Denise Richardson
0 votes Thank Flag Link Tue Jul 17, 2012
There is no way to do a short sale without the homeowner being present. If you want to submit an offer on the property then contact an agent that has knowledge in auctions and dealing with bank owned homes. Our office handles 90% of these type of transactions or you may contact another qualified agent that may be able to assist you. I hope that everything works out for you:-) Also, use the website in my signature below to track other homes and possibly this one that may be listed for sale eventually. Thanks!

Spruill Luxury Realty,LLC
Mitanní R. Spruill,Owner-Broker
6099 Mt. Moriah Rd Ext
Suite 1A
Memphis,TN 38115
1.888.854.1222 Toll-Free
901-503-1129 Direct
404-923-0779 Direct

0 votes Thank Flag Link Mon Jul 16, 2012
The first step is to locate the owner, find out what their plans are, then make an offer. If you need assistance I will be glad to help. Thanks In Advance, LaRon A Jones & Kaizen Realty
0 votes Thank Flag Link Mon Jul 16, 2012
I spoke with one of the neighbors and they have advised me the homeowner moved out and they were letting the home go so i have been tracking this home b/c I want it and I saw the first public notice in the paper on 7/13 with an auction date listed as well so should I try to do a short sale I no that's a drawn out process?
0 votes Thank Flag Link Mon Jul 16, 2012
"Preforeclosure" as in short sale? I would contact a local agent that specializes in foreclosure, short sales and distressed properties. They should be able to lead you in the right direction. If your paying cash, do have your proof of funds ready to show... If this home is not listed, there might not be a whole lot you can do until the home is available for sale.

Laura and Jason
0 votes Thank Flag Link Mon Jul 16, 2012
Unless the owner is willing to sell there is not much you can do. Many homeowners are trying to get their mortgages modified. It is not easy to do, but often, as long as there is a shred of hope, they will not consider selling and, since they legally still own the home, there is not much you can do to force the issue. If they are not successful in getting the loan modified, they will likely put the home on the market as a short sale at which time you will be able to make an offer. If they do NOT offer the home for sale as a short sale, and cannot get the loan modified, eventually the bank will foreclose. At that point you will have to wait for the BANK to offer the home for sale.

Honestly, you can have a realtor reach out to these folks and suggest a short sale, but if they are not willing your best option would be to work with a realtor to find a different home.
0 votes Thank Flag Link Mon Jul 16, 2012
Contact a Realtor to offer assistance in submitting an offer directly to the seller. Contact my office at 1.888.854.1222 x1 or email.
0 votes Thank Flag Link Mon Jul 16, 2012
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