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Trulia Chica…, Other/Just Looking in Chicago, IL

If the property is in pre-foreclosure, how does one buy before foreclosure?

Asked by Trulia Chicago, Chicago, IL Wed Jan 30, 2013

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In Illinois

Trulia Chicago,

The first and foremost question is does the owner of the property want to sell it? You cannot buy a property out of pre-foreclosure unless the owner agrees to sell. If the owner of the property wants (agrees) to sell the property it can handled a variety of ways. First option, the owner can attempt to sell the property to a purchaser via Short Sales. A short sale will take time (3 to 8 months) and I highly do not recommend this route unless a highly experienced in short sales negotiator is used; the 2nd and most obvious way for a buyer to purchase a property out of pre-foreclosure it to pay the balance of the loan to the bank. With option two the purchaser has to be aware of what the current market value is versus the value of loan.

We all need to remember the person living in the home owns the home until the home has been foreclosed and to purchase a home out of pre-foreclosure the owner must agree to the sale.
1 vote Thank Flag Link Thu Jan 31, 2013
you go to the agent who has it listed for sale and buy it
0 votes Thank Flag Link Mon Oct 14, 2013
you can buy it thru Short Sale! Just make sure you move fast ! Email or call me and i can do a search for you! Good Luck!
0 votes Thank Flag Link Thu Oct 10, 2013
You can buy before the foreclosure on a short sale if the bank agrees with the offer. Call Me Gerald Brown 773-239-9400
0 votes Thank Flag Link Thu Jan 31, 2013
come into my office and I show you how
0 votes Thank Flag Link Thu Jan 31, 2013
If it is on the market as a short sale, you can make an offer to the current owner. Depending on the situation, the bank may be open to a short sale.

Best regards,

Ivan Sagel
0 votes Thank Flag Link Wed Jan 30, 2013
Assuming it's on the market and assuming the seller wants to participate you may be able to acquire such a property via a short sale.
0 votes Thank Flag Link Wed Jan 30, 2013
You can do this with short sales. But if it goes off the market, and the foreclosure process has started, your out of luck.
0 votes Thank Flag Link Wed Jan 30, 2013

Depending on where it is in the foreclosure process you may be able to make a short sale offer to the bank. Get an agent or a knowledgable short sale attorney to help you figure it out.

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479
ihalpin@jamesonsir.com | http://www.jamesonsir.com
0 votes Thank Flag Link Wed Jan 30, 2013
You write an offer to the seller. If they accept, they submit your offer to the bank with their harship package. If the bank feels it is to their advantage to sell it to you for less than the outstanding note, rather than paying the costs of foreclosing on a property, they move forward with your offer.

It is a little more complicated than that, but that's the process in a nutshell.

Email or call me if you want to discuss a particular property or if you want to setup a search.


Ryan Gossett
Web Reference: http://www.ryangossett.com
0 votes Thank Flag Link Wed Jan 30, 2013
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