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If a property is in pre-sale foreclosure how can we buy it?

For instance the property on 114 Jackson Peak Dr, Kalispell,MT
  • April 06 2014 - Kalispell
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Answers (3)

Unless the bank has foreclosed, you have no alternative but to try and contact the owner and negotiate with them.  It's unlikely the price you are willing to pay will cover all of the outstanding loan obligations.
Short-Sale, Deed in Lieu of Foreclosure are the only other ways the seller can avoid foreclosure.
  • April 06 2014
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Wetdawgs is right- these are tricky.  The first step is contacting the owner and determine if they are even willing to talk with you.  The vast majority of those being foreclosed on are having a hard time and are not particularly welcoming to buyers and their agents trying to capitalize on their misfortune.  However, a willing and able buyer may be just what they need to get them out of a bad situation- but only if the numbers work.   

My experience has been that most owners of homes you see in preforclosure have already tried to sell either on their own or through an agent with no success.  Often with first and second mortgages, they owe far more than the home is worth.  In some cases, if you can catch it early enough, you might be able to coax the bank into a short sale scenario.  This is much easier with local/regional banks than with the big national institutions.

Bottom line- you have to find out the facts.  Sellers are typically reticent to begin a dialogue and banks who have not yet foreclosed will not talk to you about the particular property because of privacy laws.  Work with an agent who has access to the MLS and who can look at the property history to give you a better idea of the property status and the value. 
  • April 06 2014
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Preforeclosures are one of the trickiest properties.  Here's a link to Zillow's section on the subject.
  • April 06 2014
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