Private Sale to Primary Buyer to Stop Foreclosure

Private Sale to Primary Buyer to Stop Foreclosure

Plymouth, MA · Member since 2015 · 25 posts · 5 votes
Hello everyone, I would appreciate some insight from you all as I have a family member who is in a bind. I have come to learn that this person is in default on their mortgage and the pre foreclosure process has begun. If my estimations are correct, he owes approximately $190000 on a home that in my local market could potentially command $240-250,000. My wife has an acquaintance who is looking for just about the type of home spoken of above, and she would be a cash buyer upon sale of her home which is on the market. So naturally, my wife asked me if there was a possibility to help both of them and I answered, “I think so!” So I am looking for some advice as to what the process might be if this might be able to happen for them. What would be needed to halt the foreclosure process? What would the bank require? Any and all insight would be great. Thanks BP!!
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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    Much of that is dependent on the bank, if you mean to postpone the sale with just a contract. If the buyer has already closed on their sale and can show cash, then getting the foreclosure postponed is easier. But by that point, they could just close, or just pay the arrears amount, if the time for that hadn’t run out. Someone needs to coordinate this with the lender, and the borrower in default may not be the best person.
  • Real Estate Agent and Investor · Plymouth, MA · Member since 2017 · 1 post · 0 votes
    8y

    Hi Evan.  I see that your query is 10 day old.  Are you still hunting for a solution?   If so, what is the address of the property so that I could do a quick Comparable Market Analysis  on the home?  And what would he be willing to sell if for?  Does he have a place to move to?  Would be happy to discuss this with you.  Steven Feldman       

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