Home Buying in 90035>Question Details

Shejah1, Home Buyer in Los Angeles, CA

Is is possible to buy a home in foreclosure from the homeowner before it goes to auction? If so, what does this entail?

Asked by Shejah1, Los Angeles, CA Mon Jun 3, 2013

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9
Shejah,

You have to determine if the home is in default or foreclosure. If the seller is in default (behind in mortgage payments) seller is still owner of the home. It maybe sellers in default sales price maybe higher than if subject is foreclosed by bank. Sellers in default may own more than the current real estate market value. If subject is foreclosed by bank lender owns the property. Lender may determine a sales price based on market value and not what is owed on property.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Mon Aug 26, 2013
I have worked with distressed properties and agreed sales prior to foreclosure, and successfully negotiated short sales. So it is possible. However, the closer the day of foreclosure the tougher it is and the tighter the working room, the earlier you start the better the chances of success.

I would certainly recommend working with an a motivated agent with a can-do attitude who can ensure his time will be free to assist you as much as you need. Get in contact with all the agents who have kindly responded to your question and see if any of them/us strike you as someone who would be great to work with.

Best of luck

Josh 310-593-1772

http://www.joshsixxrealestate.com
0 votes Thank Flag Link Sat Jun 8, 2013
Yes, this would be a regular sale or a short sale depending on how much you offer. It entails working with an Agent, they will know what to do. Find someone locally.
0 votes Thank Flag Link Tue Jun 4, 2013
Yes it is possible to buy a home from the current owner prior to foreclosure. Usually, that would be a short sale, but not always. The trick is to have solid, experienced representation from a Realtor who has a background in the area, and, preferably is backed up by a very good negotiation and coordination team. It isn't easy, there are pitfalls and it can take a fair amount of time, but the rewards can be substantial. Know what you're getting into, make a decision, then, go for it.

Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
Phone: 888-846-0688
Email: Ken@TheRealEstateOffice.Biz
DRE# 675912
0 votes Thank Flag Link Tue Jun 4, 2013
For you to purchase from the current owner it would more than likely have to be a short sale. (If there was equity the current homeowner would have probably sold it already). To purchase the home in a short sale transaction, the current owner would need to hire a realtor to handle and negotiate the transaction.
Good luck,
0 votes Thank Flag Link Mon Jun 3, 2013
Yes,depending on how long till the sale date you may have to pay cash.I would use a title company & escrow company to help you close the sale .Good Luck !
0 votes Thank Flag Link Mon Jun 3, 2013
I have stopped foreclosures 2 days before they happened and successfully negotiated a short sale! So it is possible. However, the closer you are to the foreclosure day.. the tougher the chances are.

Feel free to check all of our profiles for the agents that answer your question here... then select the top 3 you like and then contact us (them).. then ask the home owner to work with them (us)...

You need the cooperation of the home owner... obviously :)

Ron -310 691 3759 cell
0 votes Thank Flag Link Mon Jun 3, 2013
It depends on what stage of the foreclosure it's in, as to how you may proceed.
Email me direct susan@susanbour.com
With as much detail as possible.
0 votes Thank Flag Link Mon Jun 3, 2013
Yes. You may need all cash, depending on the auction date. You may also bring it current and then buy it. There are a few options, but time is not on your side.
0 votes Thank Flag Link Mon Jun 3, 2013
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