Profile picture for floree81

I know a home is in foreclosure but has not went on the market. I am interested in purchasing

the address is 1550 Dille Road in Euclid OH. Should I wait for it to go on the market? or negoitate a price with the owner now. I the owner is a friend who needs help immediately.
  • September 15 2010 - Euclid
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Answers (5)

talking with the owner is great but you may need the help of an experienced Real Estate agent to help you both navigate through the process it can get tricky some times. I recommend acting now you be able to help this person and make it a win win for both of you. GOOD LUCK to you! 

  • September 15 2010
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Profile picture for openup
If it has made it through the foreclosure process, talking to the owner won't be much help, since he has no legal right to the property any longer, you would have to deal with the lien holder.
  • September 15 2010
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Profile picture for Mills Realty
Definately talk to the owner.  You might be doing him a huge favor and taking a lot of stress off the table. 
  • September 15 2010
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Profile picture for My NCHomes Team

I don't think it hurts to talk to the owner, but it's possible it may be too late to deal directly with the owner as the foreclosure process may be too far a long for you to buy from your friend the owner.

 

Strategically it may be better to wait till it comes on the market as a foreclosure. I have considerable experience with foreclosure properties, in the early 1990's I represented both Banks and Fannie Mae when they had foreclosures to sell, now I focus exclusively on Buyers.  

 

One reason to let the lender foreclose is that they will deal with any other outstanding liens that may be against the property and which would become your issues were you to buy it now. These may include items like property, state and federal tax liens.

While each lender has its own internal procedures they all will reduce the price every 4-6 weeks automatically until the property sells.

 

I do not work in Ohio, but would advise you to find a well experienced local Realtor who specializes in Buyer Side Brokering and you may want to consider finding one who is SFR certified. (Short Sale and Foreclosure Resource)

 

I wish you good luck in your pursuits
  • September 15 2010
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Profile picture for timkundiger
I would suggest talking with the owner.  If they can let you know how much they owe on the house you should be able to buy it for that amount which would simple get them out of trouble and you would get a good deal. 

Another option would be to have them call the lender and ask about doing a short sale.  There is a lot more paperwork but if they are upside down in the mortgage or simple need more than you can afford, this would be a good way to try and get the price lowered.

Good Luck, Tim
  • September 15 2010
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