I want to buy a home that hasn't gone to foreclosure sell. I want it can I get it b4 it goes public

Asked by Lesco, Murphy, NC Thu Aug 9, 2012

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Bill & Cyndi…, Agent, Hiawassee, GA
Mon Aug 13, 2012
Lesco -

As the others have answered, it is possible to perhaps negotiate a short sale with the owner if it has not gone too far into the foreclosure process. However, this can be very time consuming and frustrating. It is a misconception that if a home is going into foreclosure that the owner owes more than it's worth. It is possible that there has been some hardship and the owner simply cannot make his payment. In this case it is possible that a short sale would not be required. This would depend on how much the seller owes vs what you are willing to pay. In other words if the home is worth $100,000 and you are willing to pay that much and the seller owes less than that, there would be enough funds at closing to pay off the loan and no lender approval of the sale would be required.

Here is something to consider though. If the home IS going into foreclosure and if the loan was guaranteed by Fannie Mae, Freddie Mac or another entity, there is no motivation on the part of the lender to approve a short sale. Why?? Because the lender will be reimbursed by the guaranteeing entity for any losses - however, if they short sale it to you, they cannot recoup those losses.

It's a vicious cycle and having the assistance of a REALTOR who is qualified to guide you through the process is priceless. Not all agents and/or REALTORS have experience in handling foreclosures or short sales and it's very important for you to ask what kind of experience they have. Bill and I specialize in foreclosures and will be more than happy to assist you. If you have a particular home in mind, let us know and we will see where it is in the process and do whatever we can to help.

Best wishes!!

Cyndi
0 votes
Thank you for the reply, it is a vicous cycle. We made an offer to the bank but it could not be entertained as this is a Freddie mac home now they are doing BPO's and we are awaiting a price. Do you think it will be less than what was offered on the courthouse steps. Homes in the area have not been moving. Any input is appreciated. I have found the realator that Freddie mac uses and it was placed with him so once again I am waiting. How long does this take and will they accept a less than price offered option.?
Flag Thu Oct 11, 2012
Sandra Daley, , Murphy, NC
Fri Aug 10, 2012
Yes, you can sometimes, this is generally called a Short Sale. When a owner is owes more on their loan than the market will bear, the agent will generally recommend a Short Sale. Which you can get before it goes into foreclosure to the public. Hope this is helpful and would like to help you in your search for the perfect home in the mountains. Sandra Daley Coldwell Banker High Country 828-361-2423 cell 866-835-8500 #107 office and direct # and fax 828-233-5562
0 votes
The owner went into bankruptcy and doesn't want to open it up again but we want the house any other suggestions or am I going to have to wait. I have contacted the bank and they say it is actuallly still the borrowers and I have to wait (laws to protect the owner)do you have any suggestions?
Flag Fri Aug 10, 2012
James Gordon…, Agent, Hamilton, OH
Fri Aug 10, 2012
Talk to the owner if it has not went to forclosure sale yet. They may be able to do a short sale and you would be able to purchase the property.
Once the property becomes lender owned they will list it with a Realtor® on the MLS as it has been proven that the bet way to get the maximum price for a property is to expose it to as many buyers as possible.
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