Home Buying in Dublin>Question Details

DC, Home Buyer in San Francisco, CA

How do I go about purchasing a home that's in Notice of Default?

Asked by DC, San Francisco, CA Mon Apr 14, 2008

Can we use a CLA/preapproved letter from a lender? Looking in Dublin, Pleasanton, or Fremont (north).

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2
Janette:

A house which has had a NOD filed is still owned, until the period to Redeem the defaulted amount of monies expires and the Bank trusters ownership back into their name it really isn't a home that you buy from the bank.

You could however buy it from the Home-Owner during that period. If the sales price is LESS then the amount owed, then this would be a Short Sale.

In all the scenarios I do recommend that you consult with a licensed Real Estate agent. Please call if I can be of any help.

Andrea Davis
(925) 824-4801
1 vote Thank Flag Link Mon Apr 14, 2008
I agree with Andrea.

Some buyers get a NOD filed, simply by missing a payment (banks can be overly aggressive in filing them). However, as you are intimating, it usually is a fore-gleam of things to come.

It's best to contact a reputable Real Estate professional to get the best advice. The old adage is true: if a deal seems too good to be true, it probably is.

The last thing you want, is to get into a real estate transaction, not having all the facts, and then losing your deposit, because things weren't made clear and understandable to you.

Scary things aside, it REALLY is a great time to buy. There are plenty of good deals to be had, whether short sales, REO's, auction sales and yes, even non-distressed home sales by Realtors in the neighborhood. Remember, there's more to a home than just price: location, location, location...

that's my 2 cents...
0 votes Thank Flag Link Thu May 22, 2008
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