How can I go about making an offer on this property?

Asked by Lupe, Santa Barbara, CA Mon Jan 26, 2009

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iNSITES, Agent, Santa Barbara, CA
Tue Jan 27, 2009
Hi Lupe-

I believe the property you're referring to is in "pre-foreclosure" status, which basically means the owner has missed mortgage payments. If the owner does not bring the payments current in a designated amount of time, the property may be sold at a foreclosure sale.

There are multiple options in trying to purchase this property:

1) Going directly to the owner is a possibility, but many owners are unhappy that their payment status is public so you have to be careful. A few local agents with experience in these types of situations have strategies for contacting them which could prove useful if the owner is not open to talking, as well ensuring the transaction is as smooth as possible. In addition to normal transactional hurdles, this could be complicated by bank issues and/or short sale considerations. A real estate attorney might be another option, but even one experienced in bank-involved sale transactions may have limitations exceeding those of the agent basically due to experience and market knowledge.

2) Trying to work with the bank before the sale. This may or may not be effective because they cannot do much until the property comes back into their hands, which means it will already have had consideration by other potential buyers. Many other details apply here.

3) Waiting until it is taken over by the bank or is listed by an agent. There are advantages, but it's possible another person could purchase the home before you do, with a higher offer, or with an offer that's tailored to the situation. At least you'll usually have a full and complete opportunity to inspect the home, get a loan, etc.

Instead of making random appointments with mortgage lenders to begin the process, allow a real estate agent to recommend 2 or 3 for you. An good, experienced agent will likely recommend them and other specialists from a team that usually takes years to assemble properly. It will save you time and headache and will hopefully result in the quickest funding and best rate possible.

I work here in Santa Barbara, but am not a foreclosure specialist. That said, I would be happy to refer you to a couple of local agents that have handled similar transactions recently. Please feel free to contact me via email at or telephone at 805-284-3660.

Best regards,

Jon Perkins
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Dallas Texas, Agent, Dallas, TN
Mon Jan 26, 2009
GREAT QUESTION: need to qualify for a loan via a mortgage broker who provide a lender letter assisting realtor on submitting offer on your behalf. Your buyers agent would be responsible of submitting offer on your behalf.
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Bruce M. Say…, , 36117
Mon Jan 26, 2009
The first thing to do Lupe is to get pre-qualified/pre-approved for a home mortgage if you haven't done so. Generally, that will be the first question the seller's agent/seller will have when an offer is presented. In today's tight credit market, this would be my first piece of advice to you as a Realtor. Mortgage rates are very favorable right now. I would ask a local agent that you are comfortable with to represent you to get you hooked up with an outstanding mortgage broker. Pre-approval will potentially save you and the seller time if for some reason you cannot qualify for the amount needed. After that, just make sure that you have a Realtor working for you that knows the Santa Barbara area really well and can counsel you wisely on what property values are doing in your area, and then make a realistic offer for the home.
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