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Daven Mody, Home Buyer in Tracy, CA

Per-Closure homes

Asked by Daven Mody, Tracy, CA Sun Mar 31, 2013

Hello Everyone,

My brother and I just closed on our first investment property in Tracy, but it took us a long time. We got bid out several times. How do you access Pre-Foreclosure Homes? For example, the neighbor of the home we just purchased in Tracy, refused to shell out any money to fix the fence. He later mentioned that if his loan mod does not go through, then he will loose his home.

Thanks for any insights!

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Henry Brooks’ answer
Hello Daven,

There are several channels to take for finding pre-foreclosure homes though banks and auctions. I Call or text me @ 209-814-0119 and I would love to provide some more insight...

Thanks, Henry Brooks
0 votes Thank Flag Link Mon Apr 1, 2013
You need someone to guide you. OK, so you want to buy the neighbors house - right? He needs a loan modification or he will lose it to foreclosure because he can't make payments. Let's assume the house is worth less than what he could sell it for or I guess he would be selling it. For you to buy it the seller must pay off the loan in full. Are you willing to buy it for that amount? If so buy it from the guy for enough for the seller to pay off the loan and it's yours. But I bet you don't want to do that because the house is not worth what is owed on it so he can't sell it to you.

The neighbor must get the bank to allow a short sale (what you are calling a pre-foreclosure) or you wait for the bank to foreclose and auction it off in which case the bank will probably buy it for what is owed and then sell it at a loss.
0 votes Thank Flag Link Sun Mar 31, 2013
Thanks for the info Tim. You are correct in that my neighbor owes more than what the house is worth, so we would not pay off his loan. I was simply wondering if we could negotiate with the bank to buy this house without going through the foreclosure process.
Flag Sun Mar 31, 2013
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