Home Buying in 32222>Question Details

ox516.mo, Home Buyer in Jacksonville, FL

If the house you want is at Pre-Foreclosure is there any way one could get a head on tring to buy it.

Asked by ox516.mo, Jacksonville, FL Wed Apr 3, 2013

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3
Absolutely! If you have a house in mind, call an agent you know and trust. Being in the profession for a number of years some get to know the tricks of the trade and can sometimes streamline the process where we are able to work something out with the homeowner and/or bank. I've helped a number of clients obtain a few houses this way.

If I can be of any assistance, please let me know.

Best Regards,

Joseph Poletto
Watson Realty
904.738.6446/ 401.450.9720
josephpoletto@yahoo.com
0 votes Thank Flag Link Wed Apr 3, 2013
It depends what you mean by preforeclosure....there are several stages in the process. Florida is a what is termed as a Judicial state. It has to go through the courts to foreclose. If you want to buy it while the process is playing out (no matter what motions have been filed) you will need the owner to cooperate with the bank (banks prefer engaging a realtor or an attorney because of the extensive paperwork) and it will go through a short sale process. If the owner does not cooperate, the bank will foreclose and hand it over to an asset management company.

In either case the bank will send an associate of some kind out to determine a price for the house. That price will generally reflect a market value less the cost of repairs. They don't leave a lot of cheese in the deal as far as I have seen. Now, if it is a value around 40k or below..cash buyers are snatching them up.

That said, if you have enough cash on hand and the owner is agreeable, the bank may accept a lesser cash offer early in the process in order to save substantial legal costs in foreclosure actions.
0 votes Thank Flag Link Wed Apr 3, 2013
What would it mean if it was expiried?
Flag Sun Apr 14, 2013
Sure, as soon as the Lis Pens is filed, work a deal out with the owner.
0 votes Thank Flag Link Wed Apr 3, 2013
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