Can I purchase a home that is "IN FORECLOSURE" ?

By
Real Estate Agent with Godzyk Real Estate Services
http://actvra.in/mWh

I recently received a call from a buyer here in Manchester NH that wanted to know how they can purchase a home that is in foreclosure. it is actually a common question. First, i asked if it was in foreclosure or was just in the process. Then i asked for the address so i could look to see if it was listed. In this case it was not.

 
The buyer insisted they wanted to buy it NOW. I let them know that as it has not yet gone through the foreclosure auction and it is not on the market, it is very unlikely they can purchase it until the foreclosure auction or when and if the bank takes the property back at auction. If the lender takes it back, it will be listed once the occupant is evicted, the property cleaned and secured and the title is clear.


The lender can not do anything now, they dont own it. The seller probabily owes more than it is worth. Because it is in foreclosure there is probabily not enough time for a short sale. As they are losing their house and home, they will not be very happy about helping anyone else buy it from under them.





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If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Rainmaker
367,142
Cathy Bureau
www.GreenHomeRealty.com - Alamo Heights, TX
Your Personal Real Estate Concierge

Scott, good point. I've come across that before and really there is nothing we can do but sit and wait.  It's such a sad situation.

Nov 03, 2011 01:12 PM #1
Ambassador
2,002,973
Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

I think the public largely doesn't get that foreclosure is a process.  It's not a short process to repossess a home.

Nov 03, 2011 02:21 PM #2
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you for the comment Cathy, in most cases there is not anything you can do. The bank does not want to stop their process and the home owner does not have time or just does not want to work with anyone.

Nov 03, 2011 02:28 PM #3
Rainmaker
598,992
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Scott - I've had a couple calls like that from people who want to purchase a house they know is going to be foreclosed on but isn't currently on the market.  Through further discussion, more times than not, it's a relative that wants to buy it cheap as a short sale so then can rent it back to the current homeowners.  I then have to educate them that they can't do that and that no lender would allow it. 

Nov 03, 2011 02:30 PM #4
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Chirs Ann that is the key, alot of people do not understand that being "In Foreclosure" is only a process, one that is not short in some cases and one that can not be altered or shortened becuase they want to buy the house. It has to go through the foreclosure process to clear the liens and the deed so a buyer can purchase it.

Nov 03, 2011 02:31 PM #5
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Donne i seem to get similar calls. In virtually all cases a bank will not allow a short sale to anyone related. The next question is always "how will they know?" and my answer is always "the bank will have you sign an affadavit that you are not" Lying under oath is against the law.

Nov 03, 2011 02:35 PM #6
Rainer
31,904
Tracy McPeek
Cottonwood, CA

I believe it is a fact that the majority of the public just does not understand the entire foreclosure process.  It can be a very long process and there is usually more confusion when the property was up for sale then removed from the market, yet the sign remains.

Nov 03, 2011 06:26 PM #7
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Tracy that is something tha bothers me as well. There are so many bank owned homes that i get and have the old companies sign from months and months before the foreclosure. If those agents had to pay for those signs they would not be left behind. Additional it shows the lack of follow up with some agents. the public does nt always know the process or the time frames. It is confusing. The one good thin is i usually get very appreciative buyers once i take the time to let them know how it works.

Nov 03, 2011 08:57 PM #8
Rainmaker
810,515
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Nice post Scott, we are all getting the same questions.  I love that hire a Realtor sign.

Nov 04, 2011 09:42 AM #9
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you for the comment Al, that is a great sign, i would like it in front of my new office but i will have to fight the city for a regular sign as it is

Nov 04, 2011 09:47 AM #10
Rainmaker
721,311
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com
NMLS #216987 - New Lenox, IL
708.921.6331 - 37 yrs experience

Scott:  I think in most cases, the public does not understand the foreclosure process or just how long the process really is.  It's not a simple task, from a legal point of view.  But for those that knowingly want to enter into a fraudulent and illegal action ... and then have the audacity to ask you to help them??  Uh-uh .. move on.  And I hope the bank is made aware of the potential scam being planned.  Love the sign ...

Gene

Nov 06, 2011 02:36 PM #11
Rainmaker
1,157,599
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you for the comment Gene

Nov 06, 2011 03:18 PM #12
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