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Robert Piont…, Home Buyer in Carol Stream, IL

2177 wildwood ct, was in the middle of signing a contract when she got foreclosed on - now what

Asked by Robert Piontek, Carol Stream, IL Tue Jun 28, 2011

? How do I contact the bank to let them know they have an offer on a foreclosure 1 day into the foreclosure process? ? How do I contact the bank to let them know they don't have to go through the entire foreclosure process - that they have a buyer??

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Answers

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In Illinois, the average foreclosure takes about a year to complete. So as long as you close before the foreclosure sale's date, you should be fine. If your offer is $200K and the seller got foreclosed on a $95K mortgage, this isn't a problem. Was the property a short sale? The bank doesn't care if there's an offer, they will still start foreclosure to protect it's interest.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area.
2 votes Thank Flag Link Wed Jun 29, 2011
We made an offer on the house when it was listed as a normal (not short) sale according to MLS. After we settled on a final price, the seller informed us that it was a short sale. A few days later, we were informed that the house had been foreclosed. Our offer made it to the seller but had yet to be signed.

We were told our best bet would be to try and contact the bank (Bank of America), and let them know we had an offer. Our attorney says he will handle everything but that without a signed contract, there is nothing he can do.

We just need to know if there is any way for us to buy this house, or is there nothing we can do?
0 votes Thank Flag Link Wed Jun 29, 2011
Robert,
Either your agent or the listing agent would be in the best position to track down the lenders and see what may be done. Chances are that the bank will just go through the process and eventually put the house on the market. Banks aren't terribly good at changing direction on short notice or doing what would make the most sense. They are more process driven than outcome driven, which drives most of us nuts.
0 votes Thank Flag Link Tue Jun 28, 2011
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