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Can I Buy A Neighbors Home Before Foreclosure?
Question: A neighbor may lose a house to foreclosure. How can I buy the house?
Answer: Many owners facing foreclosure are not, in fact, foreclosed. Instead, the property is sold beforehand. Thus, if you have an interest in the property it would be best to contact the owner directly, or work with a broker if the property is listed for sale. Be careful, however, if you make an offer. In at least one state, and possibly others, making low-ball offers regarded as "unfair" and "unconscionable" to those facing foreclosure can expose one to claims for damages. Be careful, as well, if the seller has filled, or will file, for bankruptcy. For specific advice, please contact a local broker.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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