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Buying or Selling a Home/Preforeclosure houme
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Question
Hi,
I come across a house in my area that is a subject to foreclosure. The homeowner has beed delinquent with paymentss and there are tax liens from town on his house. I also know that he filled for a homestead as soon as he purchased the house.
So in a longwinded way my questions are:
1)How do I go about possibly purchasing this house before it goes to foreclosure> Do I contact the owner (seems insencitive..) or the bank?
2)What is the homestead status?
Thank you for your time and any information that you could help me with!
Respectfully,
Ruta
Hi Ruta;
It is best for the Seller if a home doesn't go into foreclosure. This is because the foreclosure will ruin the Seller's credit. Late pays are bad enough but a foreclosure is really bad! So...even if it may seem insensitive, contacting the owner and explaining that you have an interest in buying the house will be the best thing for the Seller.
The Homestead Status depends upon how long the owner has lived in the house. You can ask the owner these questions or go to county records and find out.
You should also be sure that if you buy the house that all liens are paid off before you transfer title.
Good luck and best wishes,
Jessica Bryan
Related Articles
- How Foreclosures Work - What is a Foreclosure?
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- After Foreclosure and Stripping Houses - What Stays With House After Foreclosure
- Distressed Homes in Default - Distressed Short Sales and Foreclosures
- Foreclosure Listings - Sellers Who Know The Score Can Compete Against Foreclosure Listings
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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