Home Buying in North Olmsted>Question Details

Alex, Home Buyer in Westlake, OH

Forclosures question

Asked by Alex, Westlake, OH Mon Sep 22, 2008

In the cleveland Ohio area, If a property is in the intial LIS status of forclosure, if I`m interested in this property, what should I do in the mean time? and roughly how long does the forclosure process takes so that the property ownership can be transfered? Thanks

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Answers

3
Hi agree with Paul. Contact the owner and ask them if they will do a short sale with you. A short sale will do less damage to the owner's credit than a foreclosure will so that is one way to motivate them to work with you.
0 votes Thank Flag Link Tue May 28, 2013
Alex,

If you are simply standing by, waiting for the home to be foreclosed upon, there is a better way. You can pursue a short sale with the current owner and negotiate with the bank through the owners. It is far cheaper in most cases for the home to be sold short than it is for the bank to run through foreclosure. In some cases it can take up to four months to get the bank to approve it, but you may end up with a great price.
Web Reference: http://www.druryrealty.com
0 votes Thank Flag Link Sun Nov 22, 2009
Alex:

I need some clarification, before I can answer your question. Do you have a Purchase Agreement pending on a home that has gone into foreclosure, or are you planning on bidding on the home at Sheriff''s sale, or are you planning on offering to purchase the home from the bank if the bank acquires the home through the Sherrif's sale?

Pat Pribisko
Keller Williams Greater Cleveland West
0 votes Thank Flag Link Mon Sep 22, 2008
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