Buy Your Foreclosed Home Back

By
Real Estate Broker Owner with Cam Realty and Property Management

Buy Your Foreclosed Home Back

Foreclosed HomesHomeowners who are facing foreclosure and even homeowners who have already lost their homes into foreclosure still hope that somehow they could buy their home back.
Many have fallen into scams that promise homeowners who lost their homes to buy their homes back.

I received a call yesterday from a homeowner who already lost his home into foreclosure, however, still living in the house. His house was foreclosed on over a month ago.
He wanted me to represent his cousin as a Buyer’s Agent to buy the house who would then rent it back to him as he does not want to move out of his house. If you get advice from others on how to buy your foreclosed home back, run the other way!

With REO/Bank Owned homes, the owner(bank) will have the previous homeowners move out of the house before listing it for sale.
The most important is that if your house for “whatever” reason went into foreclosure and now purchased by a family member only to give it back to you, that is screaming “fraud”. I’m not an attorney and can not give legal advice but have enough knowledge to know it is not right.

My advice is to detach yourself from these four walls and start over. It is not worth risking your freedom!

If you or anyone you know is facing foreclosure, you have options! I would love to have the opportunity to meet with you and provide with information on Short Sales. Worst thing you could do is “nothing”. Keep in mind, your bank is still pursuing foreclosure, they have not stopped, you should not either.
You could call me at 407-929-1852 or email at bethatalay@gmail.com, you could visit my website at www.wheretoliveinorlando.com

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Topic:
Home Selling
Location:
Florida
Groups:
Florida Rain Makers
All Things Florida
BananaTude
Tags:
foreclosed homes

Comments 33 New Comment

Anonymous
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Rainmaker
406,909
Beth Atalay
Cam Realty of Clermont FL
Cam Realty and Property Management

Christine, I haven't seen any bank giving permission YET!! Of course, that's not to say it won't ever happen, very unlikely though!

May 13, 2013 05:25 AM
Rainer
172,830
Keith Lawrence
ABR, CDPE, SFR, 203K Specialist
RE/MAX Properties

Good post.  A few people are having relatives buy back their homes but it is rare.  This is usually done at the sheriff sale since the buyer is responsible for the evection process as mentioned.  More important the Arm's Transaction rule does not seem to apply to sheriff sales.

May 13, 2013 05:45 AM
Ambassador
1,609,801
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

The arms length transaction forms for most banks. .has evolved over the years and they are becoming more direct and clear

May 13, 2013 06:53 AM
Rainmaker
406,909
Beth Atalay
Cam Realty of Clermont FL
Cam Realty and Property Management

Keith, I personally don't know of any family member who actually purchased an REO home and let the original owner stay in the house but I'm sure it's been done!

Hello Fernando, Arms Length transaction forms are very clear indeed, not worth risking your freedom!

May 13, 2013 07:22 AM
Rainmaker
933,115
Nick T Pappas
Madison & Huntsville Alabama Real Estate Resource
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL

Beth, that wouldn't exactly be an arms length transaction would it, but I notice you just made that comment...anyway, i've had another similar request, but judging from the persons tone of voice on the other end of the line when I said I couldn't help him...he had already made several calls to other agents.

May 13, 2013 04:19 PM
Anonymous
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Rainmaker
406,909

Beth Atalay

Cam Realty of Clermont FL
Sell or Buy Homes in Clermont FL
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I love the Orlando area, especially around Minneola and Clermont. Let me help you find the right home or condo in the Orlando area or sell your property for as much as the market will bear.