Foreclosure in Moreno Valley>Question Details

Oscar, Home Buyer in Moreno Valley, CA

Will the bank release the deed?

Asked by Oscar, Moreno Valley, CA Mon Dec 8, 2008

Say I was to buy a pre-foreclosed house from someone for $199,000 but they owe $273,000. Will the bank release the loan from them and free the title for me to buy without having to pay the other $74,000?
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This question is about this property: http://www.trulia.com/foreclosure/2002920685--Saddlebrook-Ln…

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5
Hi Oscar,
Doing something like that is a short sale purchase.
If you know the person at all, it is a very bad idea.
It may constitute bank fraud.
you may want to read this blog
http://www.trulia.com/blog/haroldsharpe/
skip the first two if you wish but the following three might be of interest to you.
It is short sale buying short sale selling and bank fraud in short sales.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
CA DRE License 01312992
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
1 vote Thank Flag Link Wed Feb 24, 2010
YES... For you to purchase a Short Sale or Pre-Foreclosure home the lender that holds the mortgage on the home has to agree to release their interest in the property to allow a clean title for transfer to a new buyer.

Many lenders have found that it is easier to Short Sale Pre-Foreclosure properties to an end user rather than take on the expense of foreclosure.

Take a look at the following link about buying a Short Sale Pre-Foreclosure property.

http://www.cape-coral-real-estate-blog.com/cape-coral-short-…

Scott Slocum, REALTOR®
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
ScottSlocum@FloridaFutureAgents.com
1 vote Thank Flag Link Mon Dec 8, 2008
Scott is correct For you to purchase a Short Sale or Pre-Foreclosure home the lender that holds the mortgage on the home has to agree to release their interest in the property to allow a clean title for transfer to a new buyer.

You should also be represented by a buyers agent in this transaction. A selling agent or buyers agent would keep you up to date with how the short sale negotiations are going. As well as make sure the seller complies with all local, state, and federal disclosure laws. It really is in the best interest of the buyer, and best of all will not cost you a dime.
Web Reference: http://ezhomeinfo.com
0 votes Thank Flag Link Tue Feb 23, 2010
...the lender approves the short sale...make sure you have a realtor represent you.
0 votes Thank Flag Link Mon Dec 8, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Bank would have to approve the short sale of the property. If the bank accepts your offer yes clear title would transfer to you.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Dec 8, 2008
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