Foreclosure in Chicago>Question Details

Ty, Home Buyer in Chicago, IL

Can you negotiate a short sale with the lender if the owner of the home is in pre-foreclosure and have?

Asked by Ty, Chicago, IL Mon Apr 28, 2008

abandoned the property?

Help the community by answering this question:


if the property is only in "pre-foreclosure" AND the seller is nowhere to be found, you are going to have to be patient/wait a while. Until the foreclosure is complete, the only person who can sell the property to you (short sale or otherwise) is going to be that missing owner. you can negotiate with the lender all you want, and try to line things up to go forward AFTER they complete a foreclosure, but they cannot possibly give you a deed to the house until they actually own it.
0 votes Thank Flag Link Tue Apr 29, 2008
Best advice: Contact a title or escrow company, ask them to pull up a "PROPERTY PROFILE" on the home. This will show you WHO the mortgage(s) are with & then contact that lenders REO department for details on when they'll be putting it on the market OR if you can offer on it sooner.

It may end up going to auction where you'll have to pay cash at your county courthouse
0 votes Thank Flag Link Mon Apr 28, 2008
Hi Ty,

I just went through that with a property for my buyer, although the owner isn't in jail I do not think. When the time frame for the seller to redeem that property has expired, the bank can then take control of the property and sell it. You need to contact the lender and speak to their department handling the foreclosure. You can get a lot of the info you need from the registry of deeds wher the proprertyy is located. You can get a copy of the deed and mortage which will give you what you need to find the bank and contact them. They will be glad to hear from you as banks do not like being property owners. If you need hekp with this, let me know and I will have an agent from our local Keller Williams office help you get it done.

0 votes Thank Flag Link Mon Apr 28, 2008
Thanks for the replies. Not sure what to do in this situation since the homeowners just up and left about 5 months ago. From talking with the neighbors, they supposed got transferred to Florida for work or was put into jail (which would make it difficult to contact them about a sale).
0 votes Thank Flag Link Mon Apr 28, 2008
It can be done if the lender is willing to work with you.I am taking with a lender as we speak trying to come to a decision about a few Properties own by one person.
0 votes Thank Flag Link Mon Apr 28, 2008
Not unless you are in contact with the owner. You must have a short sale package completed to negotiate with the bank. 1st step is getting AUTHORIZATION from the owner on Title & the person on the loan to even speak with th bank.

You need their loan number(s), SS# DOB etc. The bank will also require that you work with a Real Estate Agent. They will NOT deal with you directly.
0 votes Thank Flag Link Mon Apr 28, 2008
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