Need advice on buying

[Jeff Gebhart]

We have always bought our properties that are REO, Auction or through Realtors. We have someone that is running behind on their mortgage payments and wants out. Bank is threatening foreclosure with her but have not processed it. They would be willing to sell for what they owe on their house. We would be willing to buy for that amount. We know this market very well. Do we mess around and try to do a short sale with the bank or would that possibly cause this thing to go longer? What do I need to know going into something like this? Thanks!

[Jose Salcedo]

As long as foreclosure procedures have not been started then you should get a purchase contract in place, secure a title commitment with the firm of your choice, and have them get the payoff on the current mortgage and any other possible liens on title such as property tax liens.  I hope this helps.