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How do you buy a preforecloserer? How does that work?

How do you buy a preforecloser? How does that work?
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January 27 2012 - West Springfield
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Answers (3)

 The mortgagor still owns the house . Just because they are behind on their payments does not give a 3rd party the right to go to the bank directly. In theory they could beg , borrow or steal the money and become current on the mortgage payment. But until the bank actually forecloses the owner has control over transaction. For example, the sellers may still have equity in their home. They can sell it and pay off the mortgage. The best way for you to buy a preforclosure would be to call the manager of a local real estate office and explain what you are looking for. The manager will have the real estate agent most familiar with these types of properties contact you. Not every agent has adequate knowledge of distress sales. There are many good agents that would be happy to help you. Best of Luck
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January 28 2012
Have to disagree with Christine below. Banks can't sell diddly before a foreclosure is completed. Why? Because they don't own it!! The process of foreclosure is used to convert ownership from someone who has defaulted on the terms of their loan. It goes to public auction and is bid on. Often the banks buy them back and NOW they own it. Using the term foreclosure from this point forward is really incorrect, they are bank owned or REO properties and the bank (now the owner) can sell it when they want for whatever they want. Most often they will not because they want to do some work to figure out what they have and what is is currently worth. Sometimes banks add or update things to add value, like new carpet, appliance upgrades or repairs. In time they will list it for sale with a Realtor and that is your opportunity to buy it.

Often a pre foreclosure means it is a short sale and might go into foreclosure in the near future. The owner is trying to get someone to make them an offer that the bank will approve because the sale will not produce enough funds to pay off the loan, so the bank MUST agree. The bank does not have to agree at all and can just ignore any offers and let it go into foreclosure and evict the owner. Short sales can be a huge waste of your time or they can be a long wait for a good deal.
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January 28 2012
Hi Cindy,

Is the home you are interested in occupied?  You can approach the owner.  If it is not occupied, you can go to the courthouse and find out who owns the property.  You may be able to find out which bank to contact.  Some do sell property before they listed them with brokers.  I would ask around and try to find someone in your area who is already buying property that way.  Most people are happy to share information.

Good Luck,
Christine
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January 28 2012
 
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