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Since February 2009
You may want to just wait for the bank to take it back.
The homes that are in the inital stages of foreclosure are difficult to purchase for the follwing reasons.
The home owner may have unrealistic expectations about the value of the home or thier prospects to keep the home.
There may be other leins or unforseen problems that affect the value of the home, so even if it looks like a 500k home, with a 300k mortgage, the value may only be 300k. Once someone figures in sales cost, a seller may think their only option is to let it go to foreclosure and let the bank or someone else take over the problems.
If you know your price range, and your neighborhood, I would suggest you focus on what you want, as you can negotiate with an existing homeowner, based upon the acutal condition of the house.
Hi Pat-
So what are my options if the home is in the courts or a trust? All the ones that I'm interested in on RealtyTrac have a foreclosure status of "Notice of Trustee's Sale" & the trustee is not the home owner.
Thanks!
Since December 2008
Since February 2009
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If a house is in foreclosure but not for sale how can I try to buy it before it goes to auction?
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Sarah Warren, "sarahlwarren"
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Any advice is much appreciated!
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