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annaconti
LIF Infant
Member since 1/08 56 total posts
Name:
Anna
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Pre-foreclosure Question
The short story is... I have a friend who's relative has a house thats about to go into foreclosure & it's been empty for about 8 years (with the electric still running!) She used to use it as a weekend house but when her husband died, she never went back.
Is it possible for my FH and I to have an offer made up even though the house isn't officially for sale? She wants to sell it to avoid foreclosure but is a BIG procrastinator and due to the emotional attachment, hasn't been able to get the ball rolling on her own. My friend seems to think if we make an offer and get things started, she will go along with it.
Any advise? We have a good idea of what's left on the mtg so we can make a reasonable offer. Thanks for your help ladies! (sorry this was long!)
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Posted 8/1/08 12:20 PM  |
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Prudential Douglas Elliman Real Estate
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Pre-foreclosure Question
yes you absolutely can. and it would save her a lot of headache if she sells it before it goes into foreclosure...she just should let the bank know that she has a buyer for the property once you guys do get the ball rolling
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| Posted 8/1/08 1:50 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Pre-foreclosure Question
Definitely make an offer, like pp said, it's a lot better to sell the house as opopsed to going into foreclosure.
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| Posted 8/1/08 1:53 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Pre-foreclosure Question
ITA! Go for it!
Good Luck!
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| Posted 8/1/08 1:57 PM |
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annaconti
LIF Infant
Member since 1/08 56 total posts
Name:
Anna
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Re: Pre-foreclosure Question
Thanks everyone! This will be our first time working with a realtor so I had no idea where to start! I'll keep ya updated 
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| Posted 8/2/08 8:48 AM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Pre-foreclosure Question
i say go for it plus she will know someone who is in that home then
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| Posted 8/2/08 11:56 AM |
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annaconti
LIF Infant
Member since 1/08 56 total posts
Name:
Anna
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Re: Pre-foreclosure Question
Just another quick question - I was talking to a friend who said we'd need to go through a real estate attorney to get the process started since there's no sale agent for the house. Also, someone told me that we couldn't buy the house for what's left on the mortgage - we'd have to buy for the appraised value or compared to comps in the area..is this true? We had assumed we could just make an offer close to what is owed on the house since she's about to foreclose. I need help! 
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| Posted 8/4/08 1:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Pre-foreclosure Question
Posted by annaconti
Also, someone told me that we couldn't buy the house for what's left on the mortgage - we'd have to buy for the appraised value or compared to comps in the area..is this true? We had assumed we could just make an offer close to what is owed on the house since she's about to foreclose. I need help!
I would believe that she could sell you the house for anything she wanted to
I would contact a real esate attorney- the bank would need to accept the offer of what was owed on it- depending on how soon she is about to be foreclosed on
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| Posted 8/4/08 1:21 PM |
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