Home Buying in Louisville>Question Details

Cammianne, Other/Just Looking in Louisville, KY

Can you buy a home that's in "pre-foreclosure?"

Asked by Cammianne, Louisville, KY Sun Sep 30, 2012

We called the bank and they said they couldn't provide us with much information because it was in "pre-foreclose." Pretty much told me to keep watching their website for when it was listed with their other REOs. BTW, the owner died. The bank didn't appear to even know that until I told them. We've also contacted two members of the gentleman's family (father and ex-wife). Ex-wife said she's out of all of it (her name was originally listed on the house too) and father said no one in the family wanted to be the executor because the gentleman who passed had several properties and owed money on all of them.

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You are getting bits and pieces in the answers so far - some accurate, some marginal. I am a broker here in greater Louisville, but you have done more due diligence and homework than most agents would do for you - finding next of kin and such, but I'll give you one place to look to watch for the property.

http://www.jcomm.org

That is the Jefferson County Master Commissioner's website. It lists all of the upcoming foreclosure properties in Jefferson County. You can search by address, zip code, party name (the name of the man who passed away), etc. Obviously, if the property you are looking at is not in Jefferson County, that won't be much help.

As for the transaction, it may or may not be a short sale. If the amount owed is less than the amount you are willing to pay, it would just be a normal transaction with the seller being the estate of Mr. ___. Only if there is more owed than it is worth would it be a short sale.

Not sure I can help you with the research other than the commissioner's sale, because you seem to be on top of that part, but if you need help negotiating the deal, I am happy to help you try to sort through that.

Kevin Griesser
(502) 664-9161
0 votes Thank Flag Link Sun Sep 30, 2012
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Fri Dec 7, 2012
This could end up being sold in a state sale. To answer your initial question, "yes". The term is called short-sale. I am a certified Short-sale Foreclosure Resource (SFR), so feel free to contact me.
0 votes Thank Flag Link Sun Sep 30, 2012
Cammia,
There are many issues regarding the situation you describe.
First the property must go through probate to clear the ownership issue.
After probate, the property may become owned by the bank. In some cases the bank can choose NOT to take ownership due to extensive leins/liabilities against the property. The bank may then attempt to package this asset for a bulk sale to an investor or investor group. The bank will next assess the options for sale via auction or through a broker.

The moral to this story:
This property may NEVER become available for your purchase.

Your best option, get on the "A-LIST' of your real estate professional in Louisville KY. "A-List' buyers are those in whom the real estate professional has confidence are not tire-kickers, but have real intention and ability to purchase a home.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Sep 30, 2012
There are too many RED FLAGS on this to be ignored:
There is a good reason why God put a rattle on the tail of the snake; LISTEN!

Shortsales are tenuous at best; this is fraught with trouble.

In any case, you need a Realtor running in front of you:
Let them research this, and listen to them.

Good luck and may God bless
0 votes Thank Flag Link Sun Sep 30, 2012
Due to privacy reasons lenders will not share any information with you; therefore since most such properties do end up being listed with a broker, consider working with an agent of your own. Keep in mind that not all short sales/reo's are such great bargains, therefore don't overlook some traditional sales as they may end being a much better buy. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Sep 30, 2012
Is the property listed for sale? If not reply to my email with the address and I will see what I can find out for you? Please include your contact information.

Sincerely,
0 votes Thank Flag Link Sun Sep 30, 2012
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