Charlie Chorman - REALTOR
Coldwell Banker Vanguard Realty
require to sell the property. If the IRS money has to come from the proceeds then the bank will get less. Just be prepared for it to take awhile.
Prime Properties of NE Florida
The Lis Pendens, which is really a public notice of default, is the very first step in the foreclosure process and one is usually filed after the mortgagor is at least 90 days late on their payments but it can take much longer. The speed of the process after the Lis Pendens is served can vary dramatically from a few months to many years with an average of about two years here in Palm Beach County. I am not sure of the numbers in New York. Much of this time line will be driven by the lender with the court back-log also a key.
Not knowing when the Lis Pendens was filed, or what has happened to the property since then, your best bet is to be working with a well qualified Realtor and make contact with the owner. A short sale contract may be your best way to get a contract in front of the mortgagee; even though they are not a party to that contract it will be subject to their approval. Your offer amount is critical and the whole deal will rest on who values the property for the lender; your best deals are obtained when a low valuation occurs.
Find a good agent in Westchester, who is well qualified in short sales and foreclosures, and you will be miles ahead. I have a few great contacts in the area if you would like me to refer someone just let me know.I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
With that kind of debt, it would probably be a good idea to have a successful, knowledgable Realtor working with you throughout your purchase. You'll want to make sure that you're given clear title to the property, so that you're protected with an Owner's Title Policy.
If you'd like, I can refer you to a great agent in your area through our Coldwell Banker family. Just let me know if I can help.........