Our local Real Estate Market is showing great improvement and well into recovery. Inventory is limited
so your best bet is to contact a qualified agent like myself. There are great opportunities out there for you.
Some buyers do not realize that the market has shift and its now a seller's market here in Santa Clarita. If you think that seller's are in distress and you can just come in and save the day by buying the house cheap that is not realistic.
If a seller is unable to make their mortgage 9 times out of 10 they are upside down on their mortgage. Meaning they bought the house for $500K and now its worth $300K. In this case the seller would have to do a short sale because the are "short" what they owe. Having a Realtor involved is best for this situation because they will have to negotiate with the bank. The bank will still want a fair market value for the house though.
If the seller is in distress and not upside on the mortgage they could easily put their house on the market right now and get multiple offers perhaps list price or more if they went on the market at market value.
If you are referring to a specific situation it would be best to speak with a Realtor or a Real Estate Attorney to make sure all parties are protected through the contracts and disclosures. This market is challenging right now and you need someone well educated and experienced.
If you would like to talk to me with no obligations feel free to call me any time.
Just the truth not blowing smoke...
Assuming that the house is not presently for sale; one approach would be to enlist the help of a Realtor, who would then then talk to the Homeowner about LISTING it, contacting his Lender about selling it, and you making an Offer on it.
The Bank would have the final say in the matter, so you would have go through certain steps to be able to buy the house.
Good luck and may God bless