A neighbor may lose a house to foreclosure. How can I buy the house?
August 28th, 2008 By Peter G. Miller
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 a number of states there are laws against “foreclosure rescue specialists” who buy homes from distressed owners under the guise of “saving” the property from foreclosure. In fact, such folks are merely buyers.
Be careful, as well, if the seller has filled, or will file, for bankruptcy.
For specific advice, please work with local brokers and attorneys.
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