Foreclosure in Houston>Question Details

Sheila, Other/Just Looking in Houston, TX

Can I make an offer to purchase the rental home I live in that is now foreclosed?

Asked by Sheila, Houston, TX Thu Nov 17, 2011

I leased a home in April 2011 and was informed the home was foreclosed and went to auction in October 2011. I have been offered cash for keys and would like to make an offer to purchase the home in lieu of moving.

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As with much of everything else in life, it comes down to a basic cost/benefit analysis. How much are they giving you if you take the CFK? Is it enough to justify the hassle of moving? Would it cover yor expenses?

Secondly, you obviously like the place- or you wouldn't have leased it. So, do you like it enough to stay? Like it enough (and is the hassle less enough) for you to go through the purchase process?

Frankly speaking, though, moving sucks. If you can get a good deal and buy it, do so. And make a point of reminding the bank/Realtor that they're saving that CFK money if YOU buy the place. Good luck...
0 votes Thank Flag Link Fri Nov 25, 2011
You will probably be stretching your stay if you wait for the REO.
It usually takes a couple months from the Foreclosure to the LISTING,
and you would be squatting.
Good luck, if you can do it.
0 votes Thank Flag Link Fri Nov 25, 2011
While it is a possibility it is unlikely. You will want to find out who owns the home and attempt to negotiate with them. This is best done using an experienced Realtor with Short Sale and Foreclosure experience. I would speak with the individuals who offered you cash for keys as company and see if they know of any possible options.

Best of luck to you,

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Sat Nov 19, 2011
I am assuming the bank took the home back and it was not purchased by an investor. I would plan to move regardless. Once a home is foreclosed, banks will often take from 3 months to a year to get the home on the market. You should contact the party who offered the cash for keys to get more information, but regardless, have a Plan B in place...you'll likely need it.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Thu Nov 17, 2011
Sure, why not.

Go get prequalified with a lender first....also get your own buyers agent.
Then you are ready to make an offer.
Have your own agent write the offer.

If you don't have an agent and need one, please let me know and we can recommend one to you.

Good luck.
0 votes Thank Flag Link Thu Nov 17, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
To correct one of the earlier posts, the tuesday of the first month is for tax siezed properties. Bank foreclosure auctions are held at a different venue. Plus tax auctions are cash only and you cannot purchase title insurance. You cannot deal with the banks directly. You have to find out where the property is being sold and try to purchase it there. I hope this helps!
0 votes Thank Flag Link Thu Nov 17, 2011
Sheila ...

You must first determine who (or what entity) actually owns the property. Go to ... http://www.hcad.org/ ... and type in the property address. If the home was sold at auction in October, the new owner's information could be listed, although it often takes a bit of time to be recorded. If the owner's box shows a financial or government institution (e.g. Fannie Mae) you could attempt to make contact with their representative. You might also go to ... http://www.har.com ... and search for the home. There's a box on the home page where the address can be entered. You should learn whether or not the property is active on the market. In either situation, if the property is no longer listed for sale, you'll likely have to move. I wish you well.
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Thu Nov 17, 2011
Good morning Sheila,

YES! Please let me know if you want us to obtain best financing program available to you, so that when you do make your offer a loan approval letter will be attached, giving you a much higher chance of obtaining seller acceptance.

Best regards,
Mario Romero

Mortgage Banker
mromero@amcap1.com
832 818 5868
0 votes Thank Flag Link Thu Nov 17, 2011
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