Foreclosure in 75252>Question Details

Sunflowers66…, Home Buyer in 75252

can I buy a house before it goes on Notice of trustee's sale?

Asked by Sunflowers6688, 75252 Tue Apr 3, 2012

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Maybe. The owner can sell it if he wants, but if the home is not worth what he owes, either he or you will have to pay the difference at closing. If there is a hardship, he may be able to get the bank to let him do a short sale where they will accept less than he owes. Of course, the trustee's sale was this morning so you may be too late already. If it is in Collin County, e-mail me the address and I will let you know Friday if it was sold or deferred.

Sam Young
Coldwell Banker Jane Henry, Realtors
(972) 837-0788
samsonsay@verizon.net
1 vote Thank Flag Link Tue Apr 3, 2012
Probably no. Why? Because the current owner is the only one that can sell it because it is their house, but they owe a lot on it and are not making payments. The bank, that is owed money on it and probably a lot more than the loan because the owner is not making payments, can't sell it to you because it is not theirs. The trustee sale aka the foreclosure auction converts the property back to the lender that is owed money on it. NOW it belongs to them and NOW they can sell it.
1 vote Thank Flag Link Tue Apr 3, 2012
Absolutely. Even after it is scheduled for foreclosure and even up to the time the home is being auctioned, the home can be purchase from the owner by tendering the full mortgage amount plus any late fees, attorney fees, etc., if any.
0 votes Thank Flag Link Tue Apr 3, 2012
Not all lenders will allow that to take place due to all legal issues involved. EACH home stands alone how properties are sold.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 3, 2012
Sunflowers6688,
Usually when a home gets to this point, the seller has not made a payment on their mortgage for quite some time. Not only do the home sellers owe the mortgage company for the balance of the loan, but also many times there are late fees, penalties, and sometimes even back taxes or insurance fees. There may also be other liens on the property such as a 2nd mortgage or an HOA lien.

As a buyer it is very risky to purchase a home on the "courthouse steps" as a foreclosure, as you have no insurance against defects on the title to that home. However, if you want to purchase BEFORE the foreclosure sale, then you really need to get a Realtor involved - and one that has experience with short sales. That Realtor can help facilitate a pre-foreclosure sale (short sale) with the mortgage company. However, please know that there are no guarantees that the mortgage bank will accept your purchase offer...and this could be a very lengthy process.

If you need further details, please feel free to call me directly at 214-418-0180.
Melissa

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com

http://www.linkedin.com/in/melissahaileyrealtor
http://twitter.com/#!/melissahailey
http://activerain.com/blogs/mlshailey
0 votes Thank Flag Link Tue Apr 3, 2012
Maybe. Best bet is to try and negotiate a short sale with the lender. I've done many.

Beau Beasley
Coldwell Banker
214 966-2100
0 votes Thank Flag Link Tue Apr 3, 2012
If the current owners are interested in selling the house before it is foreclosed on then you could buy it. If the sales price of the home isn't enough to pay off the current mortgage and any other fees owed to the bank then the bank would need to approve the sale.
0 votes Thank Flag Link Tue Apr 3, 2012
Depends where they are at in the process. I mean, you theoretically could purchase the home if you paid down the note, and took care of all the late fee's the current owners have incurred by not paying the note.

Kevin D. Brown
Owner, KDB Properties
18383 Preston Rd Suite 150
Dallas, Tx 75252
972.379.8931
kevin@kdbpropertiesdfw.com
0 votes Thank Flag Link Tue Apr 3, 2012
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