Homes in Forclosure

4 Replies

I'm wondering if you can make on offer on a properties in foreclosure.  I see properties in foreclosure and pre-foreclosure on Trulia and Zillow.  I was just wondering if you can make offers on those or if you have to wait until it goes to auction to try to purchase it.  

Yes.  Until the sale actually occurs, it still belongs to the current owner.  You can present an offer to them.  Many times, however, a short sale is the only way to turn it into a deal.

So, from what I understand I help the buyer out if I buy it instead of it going to auction.  Is that right?

It can be a big benefit to the owner to avoid foreclosure: extra costs, avoid a big credit ding, more $$ and so forth...

Here is a quote I found in another thread from Chris Martin: 

"Every state has processes relating to defaults on mortgages. Each state is different, and that's why there are few (national) books on the specifics of 'foreclosure investing'. The best resource I can suggest is a local resource. In my case, I've posted my views that the best in-depth resources are local community colleges and/or law classes geared specifically to your state statute. REOs, in contrast, are completely different animals.

http://www.biggerpockets.com/forums/41/topics/80531-learn-and-work-on-trustee-sales-in-raleigh-nc

http://www.biggerpockets.com/forums/52/topics/65118-purchased-foreclosure-home-with-occupants"

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