I know a home going foreclosure. Sheriffs notice been issued. How do I get info on the house and proceeding with purchase before sheriff sale?

Asked by Judinjersey, Hancocks Bridge, NJ Thu Sep 1, 2011

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Ibrahim Hugh…, Other Pro, UNION, NJ
Thu Sep 1, 2011
It's correct that only the owner of record (the person in foreclosure) has the legal ability to sell you the property. An exception would be if the owner filed bankruptcy (BK) and the house is included as a part of the BK estate. In that case the court and trustee control the property.

In any event I too advise you to seek a local agent who is experienced in dealing with foreclosure (not just short sales). The owner will need to file adjournments with the sheriff and possibly appear before the Chancery judge for more time. And you will need to know how to purchase a preforeclosure and move quickly if you want to get this done on time. Hence the suggestion of hiring an experienced realtor.

Btw, the situation you give to us doesn't necessarily denote a short sale unless the owner(s) owe more than the house is worth. So if the owners owe (for example) $100k and the house is worth $200k, then likely this won't be a short sale. All short sales are (generally speaking) preforeclosures but not all preforeclosures are short sales. You need an agent experienced in preforeclosures, not just short sales.
1 vote
John Sacktig, Agent, New Jersey, NJ
Thu Sep 1, 2011
You should contact an experienced Realtor immediately to see if that person can help.

Going to the homeowner is not really going to do anything for you as they are probably as much in the dark about the situation as you are, other than having paperwork that states the house will be foreclosed on.. There is little the homeowner can do to help you.

Get a Realtor to speak to them and get the paperwork to the bank for a short sale.. it can't hurt the current "owner" at this point as they will be foreclosed on anyway... so, you need someone that can arrange and present a possible short sale for you. Don’t worry, you do not pay for the Realtor.. The bank does.
I suggest you speak to a Realtor that has experience, look for a SFR certified ( Short Sale and Foreclosure Resource) to help you get this moving.

Time is of the essence here..

Call or email to discuss further.

John Sacktig
Broker / Manager
SFR Certified
Orange Key Realty
Direct: 732-213-1409
1 vote
Jerry Barker, Agent, Atlantic City, NJ
Thu Sep 1, 2011
You can try and researching the property by entering the address in google and doing a search on it, you will be surprised how much info you might be able to find. Even if the property isn't currently listed for sale you may find all the information your looking for from the previous time it was for sale. You can also check out sites like njactb.org for more information thats been recorded publicly. and as John said already, contact an agent and let them get to work for you, they have ways of finding out lots of information the public is not typically capable of obtaining.
Web Reference:  http://www.sjrates.com
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Sep 1, 2011
The odds are, at this point, it will be a Short Sale, because the Homeowners owe more that the house is worth.
You will need to involve a Realtor, (Buyer's Agent) in this now.
Have your Agent contact the Homeowner and find out if they would be interested in a Shortsale.

There is the possibility that the house is worth more than they owe; in that case, you could buy it and have them use their redemption period to pay off the Lender.

In either case, your Realtor could help you do this.

Good luck and may God bless
0 votes
Jane Shebroe, Agent, Jupiter, FL
Thu Sep 1, 2011
The owner still owns the house until the foreclosure is final. You can contact the owners directly to see if you can buy it from them in a possible short sale, or wait until it becomes bank-owned and buy it from the bank holding the mortgage. Do a "reverse address" search to get the owners contact info, or chheck the publictax records.

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