Buying a foreclosed home before auction

Question

Here is my dilemma, we have been looking for a home to purchase for over a year now....we have our pre-approval and everything set....we recently found out that a guy we know sousese is up for foreclosure, and we are VERY interested in purchasing his home...we no it goes for auction in 3 weeks, we also tried contacting his bank to see if we could place a bid before auction but he used a big mortgage company and i can't get a hold of anyone to help us. we were wondering if there is any possible way we can contact him the owner of the property and buy it from him and if so how do we go about that and what steps do we need to take aPrueons do we need to be aware of? PLEASE ANY HELP WOULD BE GREATLY APPRECIATED!

Answer 1

YOu can bid and buy the house at the auction.  You must pay cash. Cash. No loans.  No 30 day closings.  That's why no one bids at the auction.  That's why they won't return your phone calls.  Can you get some cash?  If so, tell them and they will return your call. /

Answer 2

Congratulation your family to get a closer  step to the American Dream! :)

I sure you must read a newspaper or any sources to know that property in forclosure process. I dont think you can contact his bank to  gain  any more information about this sell. It is better if you can stop by that house and sit down to talk directly with the home ownership. If it is a renting property then you have to talk to the tenant and looking for the owner inormation.

good Luck!

QL

Answer 3

Do you know how much his loan balance is? In order to get the bank approve fast, the higher the offering price the better the chance.  Time is the matter because the house is going for auction in 3 weeks and that's a little too late to negotiate price and have the counter offer back and forth. So you have to offer at least the loan balance of the homeowner owe the bank to make the deal of NOT a short sale and no need to get the bank approval.