Foreclosure in Rome>Question Details

timothylwoma…, Home Buyer in Rome, GA

If I know of a home that is about to be foreclose on is there anything i can do to buy it now?

Asked by timothylwomack, Rome, GA Sat Feb 18, 2012

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Talk to the owner of the property. Find out their situation. It may be possible for you to buy the home directly from them (make sure you get a clear title though). If the current owners are underwater with their mortgage, they may need to sell via short sale. If that's the case, you would need to get approval from the lending bank. This could be a big challenge if you have no experience.

I'd recommend talking to the owner first. If they are willing to work with you, ask for the help of an agent who is a short sale expert. The best approach to owners like this is explaining to them that you may be interested in buying the house, and therefore preventing their foreclosure.
0 votes Thank Flag Link Sun Feb 19, 2012
Check the MLS to see if it is a short sale or ask the home owner to get w.me so I can short sale it and you can purchase it.
0 votes Thank Flag Link Sun Feb 19, 2012
There is likely nothing you can do to purchase the home before it is foreclosed on. You can check and see if it is perhaps a short sale listing now, in case it doesn't get foreclosed on and is still available. Otherwise, talk to a local agent, who can get you set up on a search for that property, so that you will be among the very first to know when the property hits the market. Banks require that foreclosures get posted on the MLS, so this is where you will see it listed. For more answers on your questions about the foreclosure process, visit here: http://richardschulman.com/buyers/foreclosures/

Good luck,

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Sat Feb 18, 2012
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