My wife and I have a home that we would be interested in purchasing that recently fell into preforeclosure on 9/21/11 in Florida. This is a vacant Bank of America property that has not been lived in for well over a year. The previous owner moved out and is current on the taxes. To persue interest in this home, do we need a realtor, real estate attorney, or both? It would be my guess that this home will be a short sale.In the past, we have went to realtors with short sale housing interests, and are left waiting for the phone to ring. Most of the time, a return phone call or email is asking too much. I realize there is a lot of patience needed in the short sale process, and we are wanting to use the most effective method. We really like this home, and would like to work something out. Thanks
You do not need an attorney not a real estate agent. If the property is in pre-foreclosure and is still owned by the person then you might contact this person. Once contacted you would have to make a offer,sign a contract with the sales price, amount you are giving the owner for his equity and take this contract to an escrow closing agent. Make sure the contract say Taking the property Subject to the existing mortgage. The closing agent and title company would understand this statement. These two licensed companies would ensure your transaction would close according to the local, state and federal real estate laws. Taking title to the property in this method, the current owner would still be on the mortgage loan, your name would be on the title deed and recorded by the title company at the county court where the property is located. Paying and keeping the mortgage loan current, in approximately one year you would be able to refinance the property through another mortgage lender. In addition to you giving the current owner funds for his equity you would have to bring the foreclosure current. The escrow closing agent would send a document to the lender requesting the amount needed to bring the mortgage loan current. You might consider this as the down payment. I hope this has been of some benefit to you, good luck. FIGHT ON
Right now, the first thing you need to do is make contact with the current owner of record to determine their interest in selling the property. They may NOT be interested (the place has been vacant for a year and is apparently not listed for sale). Once you have determined what the potential sellers want to do, only then can you be advised on how to proceed.
