Foreclosure in Walworth>Question Details

Lisa Beutel, Home Buyer in Walworth, NY

How do you buy an empty home in pre-foreclosure? How do you find out if the sellers would sell?

Asked by Lisa Beutel, Walworth, NY Fri Mar 15, 2013

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Brad Newton’s answer
Lisa,
Pre-Foreclosures are just the "PRE". That means the owner still has time to rectify any payments in arrears and can somehow back pay whatever is owed. That however does not mean that we can not inquire as to their intentions. I live in Walworth and am aware of most of the homes in foreclosure or pre-foreclosure.

Just to be aware, Trulia and other third party sites are not always accurate as to what the status of a foreclosure is. I typically do research on such properties and only about 10-15% of the properties are still in some type of foreclosure status even though the are posted as such on the third party sites.

The best way to get accurate information is to have an agent go through the proper channels to inquire on your behalf. If there is any opportunity to pursue such a purchase, anything you do tell the home owner or representative can and will be used against you in negotiations.

If you are interested in pursuing homes in the Walworth, Gananda area, give me a call. I have a dual purpose of representing buyerss/sellers in the Gananda area both as a 10 year Walworth home owner working to keep home values up, an active community member and also as a local REALTOR specializing in the Walworth- Gananda area.

Feel free to contact me anytime directly at (585) 236-7780 or email me at BradNewton@Remax.net. I would be glad to check out any properties you are interested in or answer any other real estate questions.
0 votes Thank Flag Link Fri Mar 15, 2013
A property is either in foreclosure or it is not. The word pre-foreclosure is a term used meaning a short sale which can be done while the property is in the foreclosure process to try and skirt past the foreclosure conclusion which is the auction at the courthouse. If a property is being foreclosed or near the start of the process it usually means the owner can't make the payments and they can't sell it because it is not worth as much as is owed to the bank on it.

If a seller wants to sell it they must sell it for enough to pay off the loan on it. Since it is not worth what is owed you would have to pay a lot more than it is worth -- and I doubt you want to do that. So the owner has two options:

Wait for the bank to foreclose on it

Try to do a short sale before they foreclose on it

It sounds like your owner is going to wait for the foreclosure, so just wait for the bank to buy it and they will decide to sell it at some time and you can make an offer on it then.
0 votes Thank Flag Link Fri Mar 15, 2013
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