Home Buying in West Phoenix>Question Details

Marlissa, Other/Just Looking in Phoenix, AZ

I just signed a rental agreement for a house that was already foreclosing, what do I do. Can I try to buy??

Asked by Marlissa, Phoenix, AZ Fri Mar 7, 2008

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First and foremost.......what do you want to do? Is it important that you buy this particular home, or are you thinking of simply buying instead of renting in general? Why did you decide to rent vs. buy in the first place?

Don't get me wrong.....I think it's a great time to buy, and am usually a fan of buying vs. renting, but it's not always the best solution for everyone at all times.

If you are certain you want to buy as opposed to renting, congratulations, that is the first step! The next step is to determine if you can buy, and if this truly is the right property for you? Just because the home is in the foreclosure process, doesn't automatically make it a great deal/the best purchase. There are so many factors to consider.

Do you have an idea of what the home is worth and if you can afford the payments? Do you have a downpayment available, or are you looking to put little to no money down? Have you spoken with a lender to see if you might qualify and how much home you qualify for?

So......if all the stars are aligned, and you can qualify to purchase this home and it truly is the right home for you, the next question is if it is a possibility. For starters, who did you sign the lease agreement with....the owner? If so, will your lease payments and deposits help them to become caught up and current on their mortgage? What stage is the home in foreclosure? Have you discussed the pending foreclosure with the seller? Do you know if the seller is aware of their options (short sale vs. foreclosure)?

I would be happy to discuss this with you and help guide you through the process if you would like some assistance, as I am sure the answers to the above questions will breed more questions! Feel free to contact me directly at randy@buyanewhomeinaz.com.
0 votes Thank Flag Link Sun Mar 9, 2008
Hi Marlissa,

Yes you can attempt to buy the home, however you would have to contact the owner first. Then the owner of the home would have to notify the bank of your potential purchase. The owner may have to arrange a short sale with the bank as it is most likely the value of the home has fallen below the outstanding loan amount. And I would not suggest you pay more for the home than it is really worth.

If you need more assistance please call me at (602) 334-3757 or visit our website at:

http://www.ArizonaPremiereLiving.com

We would love to help.
0 votes Thank Flag Link Fri Mar 7, 2008
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