Home Buying in 91387>Question Details

Amy, Home Buyer in Canyon Country, CA

How Do I buy a home off of a person losing there home for cheap before it goes into complete foreclosure?

Asked by Amy, Canyon Country, CA Tue Oct 16, 2012

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7
Short sale. I recommend using a Realtor well-versed in the process as there are many "hoops" to jump through along the way. Expect to pay fair market value for the property.
0 votes Thank Flag Link Thu Feb 28, 2013
Today we are seeing fewer and fewer Short Sales and Bank Owned (REO) properties on the market.
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.
0 votes Thank Flag Link Thu Feb 28, 2013
You can only buy a home in a short sale that is the alternative to foreclosure you are speaking of, if you do not know the person selling the home. Buying a home from someone you know in a short sale may constitute bank fraud. the seller, the neighbor, future ex, anyone, can turn you in down the road for years.
Buy a home from someone else and stay away from it.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@southerncaliforniashortsales.org
http://www.southerncaliforniashortsales.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sun Oct 21, 2012
I'm not sure what your expectations are.
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.
http://www.LauraCoffey.com
661 284-5004
License #01410130
0 votes Thank Flag Link Sat Oct 20, 2012
What is Cheap.. Prices are heating up even and the Housing Market is getting stronger.. I think your only hope is to buy one at a Foreclosure Auction because a Short Sale will give you market value, Standard Sale will be higher and maybe if your lucky you will find a beat up foreclosure. If your trying to do an AITD transfer it might work but will be hard to find a home foreclosing with any equity at all.

Just the truth not blowing smoke...
0 votes Thank Flag Link Tue Oct 16, 2012
Call me direct, I can help you accomplish your goals, its called a shortsale, its a process that can be handled by a real estate professional such as myself, contact me direct 909-237-1058. We can, & must start the process ASAP to Stop the foreclosure process!-Ira Thomas-Real Estate Broker.
0 votes Thank Flag Link Tue Oct 16, 2012
That would be a SHORTSALE which you have heard so much about:
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
0 votes Thank Flag Link Tue Oct 16, 2012
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