Pre-Foreclosure Question Help

[Alex Vick]

Hello all,

I'm a new real estate agent and I have a question. A coworker of mine knows a lady that is currently renting a house upstate. She is not the owner of the home but she's the person living in the home paying rent. She thinks the owner of the home is going to foreclose on the house soon and she wants to purchase the home. Her question is, should she wait until the home is foreclosed on before trying to purchase? I told my coworker to find out if she knows the owner and to also find out how much the owner owes on the home? 

The home is located in New York State just in case that matters. 

To all the experienced real estate agents and investors, how would this process play out? 

Thanks!

[Ron S.]

Originally posted by @Alex Vick:

Update:

I was able to find out there was a lien on the house that was entered on 9.20.18. 

I'm trying to find out how much is owed on the home from the owner. 

My question is, once I find out amount owed, if the tenant (who wants to purchase the home) has enough to cover what's owed, should I just contact the asset manager or is it too late? 

Thanks! 

if a "lien" was entered on 09/20/18, sounds like its either REO or, someone bought it.