Foreclosure in Queens>Question Details

Maria, Home Buyer in Queens, NY

how do I purchase a property in pre forclosure? Should I contact the lender? I have all informatin such as

Asked by Maria, Queens, NY Fri Mar 7, 2008

deed, MIN number etc. Any advice would be great!
thx.
MN

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Answers

6
If you are not working with a Realtor now is the time to start interviewing and choosing one that will be most helpful with respect to your search.

Anna
0 votes Thank Flag Link Thu Mar 26, 2009
Maria,

As a buyer, your point of contact will be your Realtor, attorney, or the seller. The seller's bank will not discuss the terms of sale w/ you - - whether this is a short sale or not.

If it is a short sale, the lender has to approve the terms of sale and price negotiated by the buyer and seller. You did not indicate this was a short sale. If this is not a short sale, the lender is not involved at all, unless or until the lender takes possession upon completion of the foreclosure action.

Do you know that the owner wants to sell this property? There are times when a buyer sees a "foreclosure" listed on a website and assumes the property is for sale. Has the owner advertiesed or communicated to you that he/she wants to sell? Or, is it listed through a Realtor?

If it is listed w/ a Realtor, hire your own buyer agent and have your agent contact the listing agent.
0 votes Thank Flag Link Sun Mar 23, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Maria I really Recomend you to hire someone who knows how to negociate wtih the banks. this is a deal that may take up to 6 or more months of work. I'm very knowlegable with transactions for instance i just got 32-14 73rd street jackson on contract wich is a short sale. if you need some more info about "short sales" you may contact me @ renehdez74@yahoo.com Cell 917-683-2927
0 votes Thank Flag Link Sun Mar 23, 2008
Is it a short sale? (meaning you are paying less that what is owed) or is it going up for sherrif sale on a particular date? You should really have a realtor help you. You pay nothign for their help. Trust me it is worth it. I recently sold a home that I was the listing agent and the buyer's agent. it takes alot of work and phonecalls to get it done on time. I would love to help. Also if you don't have a particular home in mind go to http://www.cherylsforeclosures.com and view what homes are currently in foreclosure. You can also go to your county's website to see those up for sale. Short sales are a little tricky though. let me know if I can help any further. Good luck! :)
0 votes Thank Flag Link Fri Mar 7, 2008
Preforeclosure does not necessarily mean short sale. It just means they are in default on their current payment schedule. Market value for the home may be more then they owe the lender and it can be sold on the market the "regular" way.
Web Reference: http://www.wnyhomevoice.com
0 votes Thank Flag Link Fri Mar 7, 2008
A house in pre foreclosure is a tricky process. As the property is not owned by a bank the first contact is with the homeowner or their agent. An offer then must be submitted that is acceptable to the lender. If the homebuyer has not completed an extensive amount of paperwork for the lender know as a "short sale packet" the lender will not respond. If you have not been pre approved with a lender and are prepared to close quickly, agreeing to buy the property in an "as is" condition you will get no response. As an aside unless you have the temperament in dealing with a homeowner who is going to lose their house and their investment a pre foreclosure or short sale purchase may not be right for you.
0 votes Thank Flag Link Fri Mar 7, 2008
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