Buying home directly from bank after they foreclose?
The seller of a home I have been trying to purchase for about 5 months is not moving (his agent has gotten him one extension after another) and the bank is scheduled to foreclose next month. I have been ready to go for months.
1. What is the likelihood of being able to negotiate directly with the bank to buy this home after they foreclose?
2. Does anything like this ever happen?
Thanks.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Brian is correct, the bank will take the property back and hire an asset manager to manage the property and then hire a broker to sell it. Who is the bank? This could take a long time so I would move on.
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Permalink Reply by DoesntMatter on
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Not sure on your financials, but you could always purchase it at the auction..
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Permalink Reply by Bryant Tutas on
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Putting this in the newsletter today
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Permalink Reply by Rosemary Brooks on
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This pretty much is a not going to happen. they foreclose and the property goes what I call into hiding until they get all the paperwork together. PS you do not want to rush the process and not allow the bank time enough to get the paperwork together - the correct way!
I have had offers on properties that went to foreclosure while I was trying to short sale them. I tried as hard as I could to find the properties and for a while there they were in a deep dark hole or "hold". And then wham... they were assigned to an agent and went mls. I believe that is the process. Remember the bank is not in the business of selling real estate!!!
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Don't buy on the court house steps unless you know with no doubt what-so-ever that there are no liens on the property. The 1st mortgage holder usually buys the property back at the auction and that way, the other liens fall away. If you purchase on the court house steps, you buy all the liens also!
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