Approach buyer in foreclosure, or wait for auction?
My parents' neighbor is selling his house, but I found out through the internet and the Queens County Clerk that CitiMortgage has filed a lis pendens against him, beginning foreclosure proceedings. I don't think he has any money and he also recently filed for divorce, but right now we cannot afford his asking price, but by the time the property goes into foreclosure we will be able to bid on it as there are two salary raises coming for the household in the next three months. Do you think I should approach him and see if he is willing to substantially lower his asking price or just wait it out and try to contact the bank and risk someone else getting the property in the mean time or bidding higher at auction time?
How badly do you want this house--act immediately if you so desire it, and if you are not working with a Realtor, now is the time.
Anna
Guggilu the time to act is now! This person may be looking to sell and come away with some money butthat may be impossible depending on the market. What you need to know is the value of the property? How much does he owe? If there is equity in the property this may be hard to do, but if he owes more than the property is worth you'll be in the driver's seat. The cost to foreclose is many thousands of dollars and then their is no way for the bank to win out.
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in 11693
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity