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#421253 - 03/07/13 11:21 PM I've Got My First Buyer...
305RealEstate Offline
Member

Registered: 02/17/13
Posts: 11
Loc: Miami, FL
After just a couple of weeks in the industry I've got my first customer. However, I don't know how complicated this will be because this customer recently got foreclosed on their home less than 2 months ago. This person wants to buy the property they were just foreclosed on. The customer is about 82 years old and she has many memories of that home, especially that of her deceased husband so it's the reaason why she wants to rebuy the property. She recently sold a couple of properties she had in Argentina so she will primarily be putting a substantial down payment on the property and financing less than 50%. My question is, the property is still not listed in the MLS, so will I need to contact the financial institution that foreclosed on the property? Also, will they even allow the buyer to be the same person they just foreclosed on?

She's willing to look at other properties, but because of the sentimental and emotional value she has tied into that house, she would rather me to try to do everything possible for her to repurchase that property.


Any suggestions?

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#421254 - 03/07/13 11:31 PM Re: I've Got My First Buyer... [Re: 305RealEstate]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
If nothing else, this one wasn't covered in any of your pre-licensing training, was it?

Time to do some research . . . . it may not pan out; but you'll be more "experienced" by pursuing it anyway.

_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#421255 - 03/07/13 11:54 PM Re: I've Got My First Buyer... [Re: Vermont]
305RealEstate Offline
Member

Registered: 02/17/13
Posts: 11
Loc: Miami, FL
Unfortunately, I don't ever recall anything outlining a scenario like this or similar in the pre-licensing training so I'm a bit lost here. I guess I may have to go to my broker, or an experienced agent in the office to see what step(s) I should take, but as you indicated, I'd like to do some research (which I am at the moment) to see how I can go about handling this situation before I go and seek help from the people I've previously mentioned.

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#421257 - 03/08/13 12:08 AM Re: I've Got My First Buyer... [Re: 305RealEstate]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
No need to feel lost; you're blazing a new trail.

In 24 years of paying attention, I've never heard of this situation developig as you just laid it out . . . . and I doubt that anyone else in your Office has either.

That's what makes Real Estate more exciting than anything else . . . . it's unpredictable.

Anytime you think you've seen it all . . . . you're proven wrong.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#421258 - 03/08/13 12:15 AM Re: I've Got My First Buyer... [Re: 305RealEstate]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Probably a good idea to contact the a real estate attorney who would be familiar with your laws in Florida on this. I would believe that each bank has their own policy regarding this situation but in general would think that it would be possible for your client to purchase the home.

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#421288 - 03/08/13 12:55 PM Re: I've Got My First Buyer... [Re: 305RealEstate]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2389
Loc: Outer Banks
Stop! Forget about talking to an attorney or to the foreclosure institution. Talk to some lenders, especially your buyer's lender, and see if she can even get a loan. If she can't get a loan then she is not a buyer.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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