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.
Quality Real Estate
4823 North Broad Street
Phila. PA 19141
!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)
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.
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...
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.
267 738 0886
you can buy a house at any time provided the seller is willing.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
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