Hello Mayi. This is a worthwhile question. Many banks are accepting contracts that have a Buyer's request for a credit. If a particular bank WILL NOT accept this, you'll know while negotiating. The bank will then most likely counter out your request and then it's up to you if you wish to proceed with the purchase and receive no credit back. Is this helpful to you?... more
If I understand the question, it sounds like there are a lot of pieces missing from this puzzle. If it has Only a notice of default, the homeowner has the right to try and sell it still. If it is for less than what the owner owes the bank, it is considered a short sale, and requires bank approval on the price. Depending on where you found this home, you could just be looking at the amount that is delinquent. If the bank that filed the notice is the 2nd, you will still be responsible for paying off the first.
Unless you are very clear about the process, NOD and NOTS can bring you more grief than value. Let's review what you are looking at, for free, to make sure you have all the information you need to make a decision.... more