Can you explain foreclosure rules and processing?
An associate of mine, newly weds living with their parents, is pre-approved and is seeking to purchase this foreclosure. The bank holding the foreclosed property/mortgage has had three appraisals on the property this young couple wishes to buy. This young couple has had their escrow tied up for 6 months. Is there any hope in sight?
The laws differ in each state. Purchasing a home in foreclosure can be tricky because the current owner is given several chances to avoid the foreclosure. Ultimately, the couple seeking the home, is probably going to have to retain a lawyer, who will petition the court to act on the matter and to approve the foreclosure. That will allow the couple to purchase it. However, before putting any money down, they need to have an attorney or abstractor do a title search, to determine that a clear title is available and to then make sure they are purchasing title insurance when they close on the purchase of the home.
Bottom line--be cautious and retain professional help.
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