Home Buying in 07410>Question Details

James Patti, Other/Just Looking in 07410

Purchasing a house that is listed as Pre Foreclosure.

Asked by James Patti, 07410 Mon Jan 7, 2013

I see many houses listed as pre foreclose. How do these owners receive any offers to buy the house from them? Are most angry and do not want to be bothered? Are they happy with a chance to get out of a bad situation? Any realtors out there who put together a win win deal to get one of these pre foreclosure sold?

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Answers

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Most of the houses you see as pre-foreclosure never make it to the market. The owners renegotiate with the banks or find other ways to save their homes. The websites that report them are not doing a service to either buyers or owners of these properties. When someone is ready to sell, they will contact a Realtor and the house will be listed, most of the time as a short sale. Otherwise, they let the house go to foreclosure and a sheriffs' sale gets the job done.
You would be best to work with an agent who can find you foreclosures/short sales that are listed, rather than going after the pie in the sky.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Tue Jan 8, 2013
Hi James,

If they are listed as preforeclosures, this means the owners have listed them for sale to avoid foreclosure. If they didn't want to sell, they wouldn't list and would just let the house go to foreclosure.

How do the owners receive offers? You have your Realtor submit your offer to their Realtor.

It is possible to purchase a pre-foreclosure. Just make sure your Realtor does a Comparative Market Analysis (CMA) on the property (before submitting your offer) using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3-6 months. This will give you current market value - this is what you should base your offer on, not on list price.


Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Mon Jan 7, 2013
Hi James,

The short sale process rarely works. If you are looking to buy something directly from the bank please contact me. I have contacts in REO departments, and much experience buying true foreclosures. There are great opportunities available now. Please feel free to message me here, or call to discuss.

Alexander J. Casey
Bellagio Property Management
(800) 778-0372 x 1.
0 votes Thank Flag Link Fri May 3, 2013
Hi James,

From my experience, some owners will opt to list their home for sale only after trying to avoid foreclosure with a modification. Unfortunately for these owners, information becomes public once the lender files a Lis Pendens which begins the foreclosure process.

The answer to your question about owners being angry and not wanting to be bothered is "Yes". Many owners are angry and do not want to be bothered, going into foreclosure can be very stressful and emotionally draining for these homeowners.

The good news is there are more homeowners opting to go the short sale route and if you can stomach the process, there are some deals to be had. I recently had a short sale in which multiple offers came in, despite the repairs needed to the home. There are some good short sale deals out there for buyers that have patience.
0 votes Thank Flag Link Tue Jan 8, 2013
Hi James,

Great questions that I'd love to speak to you about but I'm afraid I'd run out of room typing! Please give me a call at (201) 734-1459 and I'll explain the process with you.

Warmest Regards,

Karen Boyle
Keller Williams Realty
Ridgewood, NJ 07450
201-734-1459
0 votes Thank Flag Link Mon Jan 7, 2013
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