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Can a person purchase a home once the first step of foreclosure has begun?

We looked at a home that was for sale with an agent. A short time later we went for a second look and had decided to put in an offer but the agent thinks the home may be into or on its way to foreclosure.
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August 28 2012 - US
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Have your buyer agent contact the listing agent immediately, with an offer.  Hopefully you have a good short sale agent working as a listing agent.  Foreclosures can be stopped but it takes dilligence and know how.
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August 29 2012
Have the agent call the other agent to find out exactly where the home selling process is....do it today...you might be able to purchase it now.
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August 29 2012
Some states allow for a redemption period. This is the time after the sheriffs sale where the homeowner can redeem the property from the bank. This is most often the time when the homeowner attempts to sell on short sale.

If your state doesn't allow for a redemption period and the bank is close to foreclosing, it is unlikely that you or the homeowner would have enough time to complete a short sale. And the owners would have to be amenable to doing a short sale as well as asking for a delay in the foreclosure. But many homeowners in this situation have given up and are just waiting to be evicted.

Eventually the home will be listed for sale by the bank. By the time frame from foreclosure to resale is not set in stone. It could be weeks, months or even years before the bank lists the property for sale.
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August 28 2012
 
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