Home Buying in Trotwood>Question Details

Boss Lady, Home Buyer in Trotwood, OH

is it ever proper to approach a homeowner if they are in pre-foreclosure and are scheduled for sherriff auction about buying their home?

Asked by Boss Lady, Trotwood, OH Wed May 8, 2013

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There is nothing ethically wrong with it, in my opinion. If you were able to purchase the home and delay the sale, the bank may end up netting more money from the traditional sale route (or short sale route) than if it had gone to Sheriff's Sale. If the bank nets more money, the seller is looking at a lesser amount of deficiency judgment, so it could be a win-win. It will certainly be an emotional conversation, though. On one hand, the seller may wonder how you found out and be somewhat embarrassed...the other extreme is that they could be hostile. I would approach them calmly and have your contact info written out ahead of time. They might need a day or "night to sleep" on any information you relay to them. So, be prepared to leave it with them, but initially walk away without an agreement to sell/purchase. It never hurts to reach out, though!
1 vote Thank Flag Link Wed May 8, 2013
As long as your sensitive their situation it's okay. Be aware that they are being approached by dozens of people who are trying to steal the property; at some point they can't tell the good guys from the bad guys. Your approach may not be well received but it's worth a shot.
0 votes Thank Flag Link Thu May 9, 2013
How you approach them is everything! If you have the means to buy their home and get them out of a forclosure situation and into a short sale deal they appreciate it, but if it's just to ask them questions they might get upset. I think most people in their shoes would love to have an easier way out!
0 votes Thank Flag Link Thu May 9, 2013
Some homeowners won't mind and some will. Just keep in mind that this is most likely a very emotional thing for them to be in the process of losing their home.
0 votes Thank Flag Link Wed May 8, 2013
You pass a vagrant, lying in the gutter, who has just been hit by a car:
Would you offer your hand to him?
0 votes Thank Flag Link Wed May 8, 2013
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