I just found on Trulia that a home that I have put a contract in on is now in preforeclosure.

Asked by Gsp, Irmo, SC Thu Jun 14, 2012

What does that mean for me as buyer - trying to buy the house? Does this mean I should give up or is there still a chance I can buy this house?

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Gsp, Home Buyer, Irmo, SC
Thu Jun 14, 2012
Thank you Jen. Is it possible that our Realtor is not interested in pursuing this on our behalf? Our realtor will not get any commission on this?
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Craig Carpen…, Agent, Fort Collins, CO
Thu Jun 14, 2012
You need to speak with your agent. Depending on the situation you still should be able to buy your home. Questions for your agent, When was the Lis Pendens filed? How much is owed on the home? When is the closing date? Will your offer cover the payoff? All these would have to be answered as well as others before your question could be answered with any certainty. Good Luck!
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Jen Pfeffer, Agent, Charleston, SC
Thu Jun 14, 2012
This is definitely a question for your realtor as every situation is unique, however usually if you have an offer on a property, and it's in pre foreclosure, it doesn't necessarily mean you've lost out. It depends on where the sellers lender is, in the foreclosure process. You may have better luck speeding the process along with a professional negotiator, which is usually paid by the sellers lender at closing. Ask your realtor about this option. Good luck, I hope you get the house!
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