Home Buying in 19124>Question Details

Joe, Home Buyer in 19124

Can I buy a house while it's in the preclosure phase?

Asked by Joe, 19124 Sun Mar 20, 2011

Help the community by answering this question:


Good Day Joe,

Yes you can. I am in contact with owners who would love to create a win-win buy selling you their home in order to avoid foreclosure.

Please call me to get started with your search.

Best Regards,

Rowena Dabney
Foreclosure Specialist
Quality Real Estate
4823 North Broad Street
Phila. PA 19141
0 votes Thank Flag Link Thu Nov 15, 2012
Yes, I agree with Alan about some of these assumptions... (I tried to elude to that below)

!st of all the House would most likely be "in Default" (which is not "foreclosure" Yet) and the Foreclosure process is beginning or has begun. There may or may not be a Short Sale Opportunity or Possibility due to the amt. owed vs. Market value, Not to mention, if the Bank does Not approve a Short Sale it doesn't matter what is owed. (even if the owner agree's and you have a signed contract with the home owner...)

Joe, if you are a cash Buyer or if you have the means to catch up the amt. that the mortgage is in the rears, You could work a deal with the Bank w/o a Short Sale and before it is actually Foreclosed on. (Of course that is assuming that a "Bank" is actually the entity that initiated the Foreclosure...)

It could have been the 2nd on the property that actually initiated the foreclosure. The 2nd might be a bank or it might even be a private party. Even if the 2nd agreed to a Short sale, the 1st would also have to have to agree as well, unless the 2nd is willing to pay off the 1st. Now, If there are any other Liens on the property, then they too would have to be satisfied before you could transfer Title.

I could go on!

So, the short and sweet answer is "yes" as in; "it is possible"!!!

Get a Good Buyers Agent, they will help you sort it all out! (every Deal is unique)
0 votes Thank Flag Link Sun Mar 20, 2011
Yes! This is called a short sale. Which is over 52% of all our SFR listings here in Las Vegas, only 16% are bank owned. Contact me if you want to put in an offer. It would be my pleasure to find you an experienced agent in your area.
Thank you,
Beth Mitro
0 votes Thank Flag Link Sun Mar 20, 2011
Hello Joe,

Some of these answers are making an incorrect assumption.
They are assuming that because the house is in foreclosure the owner owes more than the house is worth. That would require a short sale. However, it may well be that the amount owed on the property is considerably less than the purchase price so don't automatically assume that a short sale is required here.

0 votes Thank Flag Link Sun Mar 20, 2011
A property is in foreclosure when the owner has missed 3 payments. The property can be sold anytime until the foreclosure / sheriff sale. If the seller agrees and the bank provides a payoff amount for the property, it can be transferred to the new owner. Michael P Cohen Broker Associate, Re/Max Access 610-642-0347
Web Reference: http://www.phillyreo.com
0 votes Thank Flag Link Sun Mar 20, 2011
Definitly, this is called a short sale. The seller needs to request their lender OK one and their lender has to approve the price. The bank saves money doing a short sale vs a foreclosure. You get a good deal, it is usually less negative on the seller's credit. Everyone wins. from my experience, the lender ususally requires the property to be listed with a REALTOR.
0 votes Thank Flag Link Sun Mar 20, 2011

Short and sweet answer; Yes!

The Long answer is: But, not every Home can be acquired Simply or cost effectively. simple version: If you catch up all the pmt's and satisfy all Liens (if there is more then the 1st) then you "can" buy it if the Seller and the bank agree to your contract. Even a Short Sale may be done.

Once a Home is in "Default" the Bank can fore close at any time and you can buy it pre-foreclosure within that time frame...

Good luck!
0 votes Thank Flag Link Sun Mar 20, 2011
Hello Joe,

In order to buy a house in the Pre-foreclosure you would need to know the Mortgage company contact information. These types of buys are considered Short sales. The Owner would have to be willing to sell it at this point. Generally this type of sale benefits all parties.

Alexander Shulzhenko
Advance Realty
267 738 0886
0 votes Thank Flag Link Sun Mar 20, 2011
Hello Joe,

you can buy a house at any time provided the seller is willing.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
0 votes Thank Flag Link Sun Mar 20, 2011
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