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buying a pre-forclosed home?

I signed up for a foreclosure website and found a house (that I previously fell in love with) that is going through pre-forclosure. Right now this house is on the market for 189,000 but on Realtytrac it shows the amount left on the loan is 68000. It says on the website to send a letter to the owner if interested, if your not comfortable to contact a real estate agent. But this house is on the market right now, would I find my own agent to contact this person or go through the person this guy has right now? And should I put a bid in for how much they owe- or for like 100,000 thousand? I've never bought a house before, let alone one that is going through pre for closure. My aunt just old her house to a guy like this kinda. Hers was on the market and it was almost to forclosure and he bought it. Ahh. :) I just need help

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Asked by amy31308 at 10:10 AM on May. 7, 2009 in Home & Garden

Level 5 (92 Credits)
Answers (6)
  • You can get your own realtor and the seller pays commission. I don't think I would recommend using their realtor because of the conflict of interest. He has to represent them. If you do use their agent, you will have to sign a form that says that they are representing the seller as well and that they can't discuss conversations they have with the seller with you unless it has to do with the offer.
    As far as your offer goes, I would have a realtor or maybe find out if your mortgage company (I am guessing that you are pre-approved) to run comps to find out what an acceptable offer would be.


    Answer by Anonymous at 10:16 AM on May. 7, 2009

  • call another realtor. and dont offer anyone until you talk to a realtor (your realtor not his) good luck sunshine

    Answer by jodi205 at 10:28 AM on May. 7, 2009

  • I think every realtor works for the seller.....There are laws to protect the buyers so realtors have to provide information to the buyer and can't hold back on things like that, but I think the realtor always works for the seller because that is who pays the commision. They have a responsibility to the seller. But, there is no risk to YOU to use your own realtor because it won't cost you anything. Talk to a realtor of your own and see what they have to say, though!

    Answer by BJoan at 11:39 AM on May. 7, 2009

  • I think that there is bad kharma in a foreclosed home.

    Answer by rkoloms at 1:28 PM on May. 7, 2009

  • I'm with you rkoloms, I think it is goulish like a buzzard circling a dying animal to buy a home that someone is loosing. Just in poor taste!

    Answer by Anonymous at 4:37 PM on May. 7, 2009

  • Actually, which would be in better taste.. buy it before its forclosed so they can pay off their loan and move on with their life and eventually be able to get their credit up again. OR Wait for it actually go through forclosure then buy it for even CHEAPER?

    What I would like to do is a win win situation. Whats poor taste about that?

    Answer by amy31308 at 9:55 PM on May. 7, 2009

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