Ive found a property I wish to purchase but the owners tells me the bank will posses the house this weekend.

Ive found a property I wish to purchase but the owners tells me the bank will possess the house this weekend. Is it better to wait and deal with the bank or try to establish a purchase agreement with the seller.

Westport, CT -

Attorney Answers (1)

Kevin Burns

Kevin Burns

Residential Real Estate Lawyer - Newtown, CT
Answered

HI, I hope this response is timely. Absolutely do not make a deal with a Seller who is about to lose the house in foreclosure within days. Any such deal should be negotiated (if it is possible to negotiate at all) with the assistance of an attorney who is experienced in real estate and also the foreclosure process and bankruptcy. This is not for the faint of heart.
I have handled a number of these over the years and would be glad to discuss it with you further if you are so inclined.
Good luck

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