Approach homeowner in foreclosure or wait for auction?

My parents’ neighbor is selling his house, but I found out through the internet and the Queens County Clerk that CitiMortgage has filed a lis pendens against him, beginning foreclosure proceedings. I don’t think he has any money and he also recently filed for divorce, but right now we cannot afford his asking price, but by the time the property goes into foreclosure we will be able to bid on it as there are two salary raises coming for the household in the next three months. Do you think I should approach him and see if he is willing to substantially lower his asking price or just wait it out?

Asked on June 25, 2009 under Real Estate Law, New York

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The simple answer to your question is that if this is a house you really want than it cannot hurt to approach him with a low offer. He has the right to accept it or to reject it and there is nothing that says you didn't have the right to offer him whatever price it is you plan to approach him with. If he rejects it than you can wait for the auction if it gets to that point.

The benefit to approaching him is that he will know where you stand and that your interested. That way even if he rejects it now he may change his mind in the future and possibly even approach you at a later point in time. I would definitely give it a shot and see what happens, nothing to lose. Good luck


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.