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.
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
email@example.com | http://www.jamesonsir.com
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.