Broker Associate, Licensed NJ Real Estate Agent (14 years experience)

Buyer's Agent,
Listing Agent,


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How can we keep the house we want to buy from going into foreclosure?


It depends on the state and the foreclosure laws. In many states like NJ, the bank will consider a short sale any time during the foreclosure process. In NJ the foreclosure process can take up to 2 years. If the owner just stop payments, the house could be vacant for awhile (unless owner signs a Deed in lieu of foreclosure). The seller will maintain ownership until the bank forecloses on the property. You may want to consider submitting an offer to the seller with a home sales contingency. The seller can request a short sale from the bank (depending on the state). However, banks don't like contingencies and Tiffany is correct.Your Realtor should provide you with a game plan. I don't know your exact situation but generally speaking, I would advise my clients to lower the price of their current home and get a contract before making any other moves. In todays market, its risky business to anything else.