Question Details

James, Other/Just Looking in Outside U.S.

Pre-foreclosurer question

Asked by James, Outside U.S. Thu Aug 27, 2009

If the property is Pre-foreclosurer and it has a amount of letrs say $20000
are you buying the house for that or is that the out standing debt that you purchasing and you then have to buy the house...

think i dont actually under stand this as well as you can tell

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Answers

1
You are not purchasing the outstanding debt.

You would be purchasing the home. It's likely that in this situation that the property you're interested in is a short sale.

In this instance the lien holder would agree to let the homeowner sell you the home for less than the amount owed. The monetary difference between the amount owed and your purchase price is a matter between the current homeowner and their lien holder.
1 vote Thank Flag Link Thu Aug 27, 2009
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