Touchy Subject: Foreclosure, Divorce and an Unfinished House

[Jordan H.]

I live in a town in Northern NJ right outside of NYC.  Within that town is an even smaller neighborhood...basically a larger cul de sac with about 50 houses...where everyone knows everyone.  There's a new construction house in the center of the neighborhood, right next to the park where all the children and parents hang out, that's been sitting at about 60-70% completed for probably the last 18 months.  I'd love to buy it as once its finished it could probably sell for around $700k.  It probably needs another $150k worth of work at most.  

After doing some digging, I was able to find out that the construction stopped because the owners are going through a divorce.  Last week, as I was walking my dogs I noticed workers boarding the place up.  After talking with them I learned that the building was about to go into foreclosure.  The double whammy. 

Any advice on how best to approach the owner to see how I could help his situation and ease the burden of it all by buying his house?  Knowing its a small neighborhood with no secrets, its definitely a touchy subject and I want to make him feel comfortable enough to chat to figure it out.  

Thanks in advance!

[Anthony Dooley]

A judge should direct the property be sold as part of the divorce. If they have already filed for divorce, their assets and accounts are frozen and under review by the attorneys. I'm sure the owners would love to sell it, but depending on how far they are into the process, they probably can't. You may be able to contact the lender and offer to buy it, however you will get it at a better price as a foreclosure. The trick is getting financing on a partially built house that has been sitting for a long time. Good luck.