Would you approach someone in Pre-Foreclosure to ask to buy their home?

posted 3 years ago in Home
Post # 2
Member
206 posts
Helper bee
  • Wedding: May 2013

howtobeawife:  Hmm, this is tricky. I would say that if you are working with a realtor already, I would contact them and tell them you are interested in te preforeclosure, and they should guide you with the appropriate steps to take

in our situation, we bought a foreclosure, and after we moved in we talked to our neighbors and were told our house sat empty for 1 1/2 years ( we were told only a few months from all realtors involved).  Anyways, the family who lived here before had a unique situation. The father was arrested and sent to jail. Only the fathers name was on the deed, and the bank who took over the house as a foreclosure had to wait until his sentencing before they could take the house. So it might be worth it to check into it now, it can’t hurt, but plan for unforseen detailed legal stuff going on too. 

Post # 3
Member
2179 posts
Buzzing bee
  • Wedding: March 2024

I would contact a realtor and ask them to contact the home owner for you. I think if you offered fair market value that would benefit the homeowner much more than going into foreclosure or being low balled at auction.

Post # 4
Member
4641 posts
Honey bee
  • Wedding: September 2014

I would work with a realtor on that.. I would assume the family/ person being foreclosed on may be emotional and approaching them would be an awkward, possibly volatile situation.

Having a professional do this on your behalf may be best for both parties. My knowledge on this comes from the episode of Its Always Sunny where Frank buys the foreclosed house to flip it and the family won’t leave.. it doesn’t end well.

Post # 5
Member
1734 posts
Bumble bee
  • Wedding: March 1998

howtobeawife:  I think that this is an excellent opportunity to help someone who spare their credit and the social stigma of foreclosure. These days, getting foreclosed on doesn’t have the same POW it once did (along with bankruptcy), at least in my area…as it became a reality for most families during the economic downturn.

But, it can still help them. It could also prevent them from being sued (while foreclosure can be the end of the transaction, some banks, cities and other institutions may attempt to sue someone over a foreclosure).

The reality is this: they know they’re losing their house and they know that it’s going to be put up for auction. I’m sure it does hurt every time they’re reminded of it and every time someone calls. But, someone purchasing a pre-foreclosure can spare them the drawn-out process of foreclosure (or of going to auction). There’s also a chance that they could make some money…if the price is higher than what they owe, of course.

I agree with getting a realtor to pave the transaction for you.

Post # 7
Member
4819 posts
Honey bee
  • Wedding: May 2014

howtobeawife:  Yeah, ask a realtor the specifics. I was foreclosed on (my then hubby lost his job). I would definitely not have wanted someone knocking on my door to rub salt in the wound. I would think it would depend on where it is in the process. If I could’ve sold my house (short sale) I certainly would’ve preferred that and yes, please knock on my door. But if it was past that possibility, leave me alone.

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