Profile picture for dunerider1

how do purchase our son's home before he has it foreclosed

  • January 27 2010 - Tacoma
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Answers (5)

The most important question to ask is:

Is the home valued at what is owed on the original note?

If not, you would have trouble financing the purchase unless you were able to bring enough cash to the table to cover the difference.

I have a client who is upside down on a property. He is negotiating with the bank to sell the property to a friend at a substantial discount. Unfortunately they're just a bit far apart in price. So first order of business is to contact the lender and see if they would be willing to accept less for the property (assuming the home is upside down) and then have them sell it to the parents.

Just don't pay more than it's worth or you will regret the decision.
  • January 27 2010
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There is more information needed to answer this question. Is your son upside down with his mortgage? Meaning does he owe more tahn the house is worth. Is there a reason why your son is not able to pay his mortgage? Is he facing some sort of hardship such as job loss or divorce? If so, he may qualify for a short sale on his property. The only problem with doing a short sale though is that the property can't be sold to a family member. He can however sell it and keep a foreclosure off of his credit record. There is also the possibility that the home will be sold at trustee sale before being foreclosed on. If there is a trustee sale scheduled you can go and purchase the home there but it takes cash to do so. Has your son tried to work out any sort of loan modification with his current mortgage holder? You should find and consult a real estate professional in your area to learn more about the options your son has in place of foreclosure.
  • January 27 2010
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Profile picture for nwhome.us
A real estate attorney can help you build the offer to purchase and review the current loan documents for negotiating with the bank about the delinquent payments.
If you need to establish an appraisal value, you can hire an appraiser independently.
If you would like some referrals, let us know.
  • January 27 2010
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Profile picture for daveskow
1) write a purchase contract ( make sure that the price is  realistic as the home will need to be appraised )
2) get a loan for what you will need ( if this home will not become your primary residence , you will likely need  25% + of a down payment
3) close
  • January 27 2010
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You can purchase the home as an investment/non-owner to cash out his underlying mortgage.  With great credit it may require 20% down payment.  Also you can possibly contact his current mortgage company and see if they will accept bringing the account current, and then continue making the monthly payments. Feel free to contact me for more questions. Thanks. Larry Burr
  • January 27 2010
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