The answer to your question, while quit common is far less complicated than one might think.
Very often when an Owner finds themselveâ€™s in financial difficulty there are so many sources of mis-information that an Owner who is not well advised will simply do nothing.
The fact that a ready, willing and able buyer is standing by is helpful but of itself is not a game changer given the situation.
A useful word of caution: not all pre-foreclosures are acted upon by the bank immediately. Some banks attempt to work in earnest with the Owner in order to access just how workable a reasonable solution may be in order for the owner to get back on their feet again. There is no way to understand the full issue without developing a working relationship directly with the Owner.
These situations almost always require a professional short-sale expert (CDPE) to communicate directly with the Owner and help them understand their options as well as the full impact of their decisions.
Once an Owner decides to sell, then a credit worthy buyer can be introduced to the bank in the "hope" that the bank is willing to allow the Owner to sell. At this point a skilled Realtor will shine while the rest will fumble the ball.
My closing rate is 100% while the National average is 27%. Anyone who says all Realtors are the same has no idea what they are talking about.
Should you decide to go it alone, I only recommend this if you are dead set on owning this property, there is one other method which is rarely attempted due to it's extreme difficulty.
That is to contact the bank directly and try to buy the house ahead of the pending foreclosure. Again, this is not recommended because even if you are successful in reaching the right decision makers the deck is still stacked against you going into negotiations because banks are professionals at selling foreclosures for way more than they are actually worth, but who knows, you might get lucky so I would not rule this out completely.
Dave Dressler - CDPE- Licensed Realtor - MHIC # 98979 - MHBR # 6993
(301) 806-4272 - FREE COUSULTATION
I don't just sell houses - I build them.
This home is not yet showing in the multiple list service as for sale. The Trulia listing says the home is a pre-foreclosure and provides an excellent explanation of what a pre-foreclosure is just below the property listing.
This home last sold, according to the MLS, in November 2004. Be happy to monitor Knoxville for you if you will send me your contact info. Should the property come on the market, I can let you know. It may be that this particular property will not be listed for sale if the owners can rectify the arrears with their lender.
I can help you find similar properties to consider now if you'd like. Be happy to set you up with a program that shows current listings for wherever you set the parameters of your search. Again, send me your contact information, and we can arrange a time to talk.
Hope you enjoyed your Thanksgiving. Look forward to hearing from you.