Pembroke, Home Seller in Knoxville, TN

I need to find a real estate agent who has experience with foreclosure short sale for a property in South Philly (near Capitolo playground).

Asked by Pembroke, Knoxville, TN Fri Sep 6, 2013

I live out of state and would like to buy a property owned by a sick family member who is in the process of being foreclosed. The house is NOT for sale. We want to keep the house in the family and allow him to live there.

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Answers

7
Happy to help! I know the rules on non-arms length transactions and know the area.

Call me at 215-238-9400

Thanks,

Fred
Web Reference: http://fredglick.com
1 vote Thank Flag Link Fri Sep 6, 2013
Please call me in my office 215-725-5700 X49. I know of an attorney who is also a REALTOR. There are some loop holes in the Philadelphia tax cod that may work in your favor. But I must speak with you I know of several Mortagage Banks that are able to work with you so Please call me ASAP there are time lines that need to be met. What you need is a Team who think outside the box but within the lines of the rules.
Web Reference: http://WWW.GreatPaRE.com
0 votes Thank Flag Link Fri Sep 6, 2013
If you were to buy the home you need to fund down payment and closing cost and then your loan payment might be the same, higher or lower then present mortgage payment that is delinquent. But if you were able to buy the home and have a new mortgage then yoiu are responsible for the payment etc. It might be just as easy to bring the loan current to stop the forclosure. The amount you need to do this is probably close to what you would have needed to buy the home? Then it appears that you will have to accept paying the payment each month or the loan will go delinquent again. I suggest to bring the loan current, then consider a deed transfer to add you name to the deed to protect your contribution to the debt so that if the sick person should pass then you will have ownership interest in the property. The present lender may or may not pick up the added name to the deed and might grumble a little bit but generally would not invoke a due on sale feature if the loan is current and being paid on time etc. Also, you might be able to negotiate a little with the current bank to get a little relief on some of the foreclosing charges because the bottom line is that the foreclosing bank really does not want to be the new owner of the property.


Jim Brophy
Associate Broker
RE/MAX 2000
215-698-2063
0 votes Thank Flag Link Fri Sep 6, 2013
It sounds more like you need a real estate attorney than an agent. If the home is not listed and you don't intend to list it, but want to protect the home & keep it in the family, I'd suggest a good attorney to advise you of the best way to go about it.

If you need recommendations, send me an email or call me and I'll give you a few names.


Barbara L Smith
Broker Associate
SFR, Short Sale & Foreclosure Specialist
Weichert Realtors
Direct; 609-980-7593
email: BarbSmith321@gmail.com
0 votes Thank Flag Link Fri Sep 6, 2013
They won't allow you to do a short sale so owner can live in property. Nor will they allow you to purchase as a foreclosure for that purpose. Your cheapest and safest alternative is to bring the mortgage current and continue paying it or pay the mortgage off in full.
0 votes Thank Flag Link Fri Sep 6, 2013
Greetings,

I currently specialize in REO properties, as well as short sales and cover the entire county of Philadelphia. I have helped many homeowners avoid foreclosure and have specific training as a Certified Distressed Property Expert (CDPE) which pertains to these exact scenarios. If you'd like to explore the options currently available to you, I'd be more than happy to discuss them with you. Best of luck!!

Chris Nelson
RE/MAX SERVICES
Philadelphia Magazine Five Star Professional Award Winner 2012, 2013
National REO Broker Association (NRBA) Member
REOMAC Member
REOBroker.com Member
Certified Distressed Property Expert (CDPE)
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
215.641.2500 Main
215.641.2542 Fax
484.576.7430 Cell*
0 votes Thank Flag Link Fri Sep 6, 2013
Hey, I work with the best realtor in the state! Michael Cohen. We do these type of transactions regularly and I am in the process with two other families in your current situation right now. Please contact me so we can get started on this soon!!
0 votes Thank Flag Link Fri Sep 6, 2013
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