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Location: Lots of sun and palm trees with occasional hurricane :)
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Hi everybody.
Could someone explain what a Pre-foreclosure quick sale is, what does it entail, what is needed, what do you look out for or check, how do you get in on one and how do you increase your chances of "qualifying"?
A short sale involves the lender accepting less than the full amount owed. There is a recourse loan and non recourse. Recourse meaning the lender can come after the borrower for the difference.
A Foreclosure involves more time and more fees for the lender.
The foreclosure process differs based on state law.
For specifics contact a local real estate attorney.
Disclaimer: I am a real estate broker in Colorado, but I am not your broker.
If you are thinking of buying a property prior to the forclosure sale, you need to be approved for a loan pending title and appraisal. You need patience, the person in charge of the file for the lender has 400-900 other files on his/her desk, and still gets paid every two weeks regardless of progress.
You should also keep an eye out for the occupants moving. If you are in a state where the temps fall below freezing there could be frozen pipes (if the water is on and the heat is off)
Get whatever house you buy inspected. If the house has been winterized, then rewinterize it. You may not get repair money, but you are buying with both eyes open.
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,174,896 times
Reputation: 7018
Hummm. It sounds like too much trouble. Especially considering that the property is in another state and I would not be able to personally keep an eye on all the details.
Thanks for the help. I appreciate it. It's just that I have been following this area for a while and saw this listing and pictures of what SEEMS to be a beautiful home and I thought, what the heck, maybe it's worth checking it out but I'm out of today's fantasy hour now. :-))
If you are approved for a loan, and you are willing to purchase the home and live there, hire a local buyer's agent to represent you.
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