Hi Dan – When you say the house is in preforeclosure, do you mean the owners have already received a notice of default on the property?
Hi Dan – When you say the house is in preforeclosure, do you mean the owners have already received a notice of default on the property? If the owners have received the notice of default, but still own the house, it depends on how close they are to the auction date. If they have not yet received the auction date, and your offer is more than what they owe on the house, the lender will have no problem excepting your offer as long as you have been prequalified (have actually had a loan officer run your credit and put you through an entire prequal process) for a certain loan amount. The documentation from your loan officer should be included with your offer. If you have all the appropriate documentation, and the escrow period you’re requesting is relatively short (30 days or less), the lender will most likely agree, postpone the auction date long enough for escrow to complete, and then the house would be yours and everyone is happy — the bank, the seller, and you. If your offering less tha
