Home Buying in Lakewood>Question Details

Tabitha, Home Buyer in Lakewood, OH

My parents house is being forclosed, I want to buy it, who do i contact, and can i snatch it before it goes

Asked by Tabitha, Lakewood, OH Mon Aug 4, 2008

on the market?

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If your parents still own the house, then you can buy it from them. You'd have to pay what's owed, plus any delinquent payments, etc., but that would take care of the situation.

If what they owe, plus delinquent payments, etc., is more than the house is worth, while you could still buy it, it wouldn't be a good financial decision. (But because they're family, you still might want to do it.)

If what they owe, plus delinquent payments, etc., is more than the house is worth and you didn't want to pay that amount, you could try for a short sale. That would involve offering less. Such a transaction would need the lender's approval, since the lender would be losing money on the transaction.

If the bank owns the property, if there's a redemption period, you could redeem the property.

If the bank owns the property, and there's no redemption period, you could always make an offer to the bank. However, it's unlikely the bank would accept. At some point, they will list the property with a Realtor and it'll go on the MLS. (The bank wants to minimize its loss, so it would prefer to offer the house on the open market, rather than sell it to someone in a private transaction.)

Hope that helps.
2 votes Thank Flag Link Mon Aug 4, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The best way I have found is to deal directly with the bank and have your folks write a letter to the bank giving you permission to speak with them. You can have your folks become connected with a local realtor, that has worked these before and help you out also. If the home is in foreclosure, then they are going through their 6 months redemption? or are they in a short sale period? These are both very different transactions and depends where they are at. Have they had a Sheriffs sale yet?
Web Reference: http://kraskaplus.com
1 vote Thank Flag Link Mon Aug 4, 2008
The best thing to do is to have your parents contact their mortgage company, and perhaps grant you permission to negotiate on thier behalf so you can contact them. If you can do a loan modification to catch up the payments, that would be the best way to go. Other than that, you may have some difficulty, as you are a close family relation, and they will consider that an "arm's length transaction." Sometimes they will not negotiate with a family memer that close - unless you can get them to do a modification on the loan to get them caught up.

Good Luck!
1 vote Thank Flag Link Mon Aug 4, 2008
You can ask your parents for the phone numbers off the paper work the bank sent them. The loss mitigation dept. will have the payoff. You can pay that and keep the home. Also, Ohio has a 30 day window after foreclosure to buy the home back from the bank before they put it on the market and start eviction proceedings. Good luck.
Web Reference: http://www.liveinakron.com
1 vote Thank Flag Link Mon Aug 4, 2008
I own many homes in Lakewood and am local. I have saved many folks from forclosure and created what is called a shortsale. This has to happen quickly if you have not already started with another realtor, I can help. http://www.EZSalesTeam.com
Web Reference: http://www.EZSalesTeam.com
0 votes Thank Flag Link Mon Aug 4, 2008
good afternoon..great question...but i need a bit more info....why not call me so i can get your deal going?.bob mcclure- mortgage now- farmington, michigan.... (248) 974-4444..i am licensed in your state and can close you in your own backyard......almost 14 years experience....low risk, high risk, tough complicated deals.....
0 votes Thank Flag Link Mon Aug 4, 2008
Has the NED (notice of election and demand) been served? Here in Colorado, many are sometimes confused. If it has, then yes it's in technical foreclosure. There is a way to do this. Your parents need to talk to the attorney handling the file. It can be suspended, usually for two weeks to 30 days. You'll need to prove you're capable of buying the property for market value or negotiate a reduced about (short sale). You'll need to get with a lender and become Pre-approved (not pre-qualified). I've seen this happen before, but you have to do your due diligence.
0 votes Thank Flag Link Mon Aug 4, 2008
If you look up the foreclosure information on the county website that it is being forclosed in it will have an attorney contact. That's where I would begin. Many times the attorney can cancel a foreclosure if the debt is repaid. If there is no attorney information, then call the sheriff's department in that county and ask for the sheriff's sales person and ask them for the information.
0 votes Thank Flag Link Mon Aug 4, 2008
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