Offereing a Pre-Emptive Bid

Our 5th topic in our series of 10 concerning Foreclosure Auctions is Offering a Pre-emptive Bid. Occasionally a homeowner will be willing to entertain the possibility of selling before auction in order to prevent the foreclosure. Accordingly it behooves the buyer to offer the potential. This is a perfectly legal maneuver, and can benefit both parties.

There is a short period of time, usually less than 4 weeks, in which the homeowner can still pay off the mortgage before the foreclosure becomes official. The biggest enticement to the homeowner is preventing the foreclosure which will ruin their credit rating for many years, and make buying any future homes difficult to impossible. The benefit to the buyer is possibly being able to purchase the property at a lower price. If you can arrive at a mutually beneficial price, this will be a win-win.

If the seller agrees to your pre-emptive bid, then the sale will proceed as a regular sale, albeit with a much shorter timeline. Pre-emptive bids can be a very intelligent way in which to invest in real estate and get more “bang for your buck.”

Want more advice on how to purchase a foreclosure home? Attend the upcoming lst Annual New York Foreclosure Showcase on the 12th of October, sponsored by Island Advantage Realty LLC.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact www.nyforeclosureexpo.com