we put an offer on a house and it is going into foreclosure?

You have a few things in your favor

-nice to have a friend who is also a Realtor!

-good that you are already approved

-good that it hasn't foreclosed -lender has less money out of their pockets that way.

-sellers will have to approve the offer and then the lender will have a say if it doesn't pay their mortgage off there will be a decision by the bank to go forward or not.

-requesting an answer in 2-3 days is a nice idea but, may not be realistic. IF the house is approved for short sale it may take up to 6 weeks depending on where the seller is in the process. See if your REALTOR can get the other REALTOR to give them he details on the current situation on the sellers. That will let you know how long you may have to wait for an answer. it is typical for a lender to wait and not answer a seller for sometimes 30 days about whether they can even do a short sale and it is usually by mail to the seller. As my mom would say you may need to be able to "practice some patience" if you are to get this one. Good luck

If it hasn't been foreclosed yet, then you are dealing with the owner but the lender may be involved. You can put the paperwork together to make an offer in a few hours and it can be negotiated in a day or less. If you've already submited an offer, then you should be just waiting on the other agent or seller to reply. If the lender is involved though and it is approved for a short sale, it can sometimes take a couple weeks before the lender approves an offer.

Talk to your agent and have her find out how far the property is in the foreclosure procedure. You really need to know that.

you should have had a clause in the contract that gives a specific time frame for acceptance. i am a realtor and i will ask the realtor how accessable the owners are. then base the time frame on that information. MAX 3 days, but normally by 5:00 the next day. if the house is being foreclosed on you will be fine, and the purchase contract should delay the procedings. the bank that decided to foreclose might want to see your financials to make sure you are a qualified buyer. it reallly depends on how much the current owner owes and what is the NEW selling price. paper work will be done by the title company, and you should make sure your friend is a qualified realtor. the realtor should have a lot of work to do but only after the contract is executed, otherwise, it will be the realtor/lawyer representing the seller.

Your biggest hold should be the payoff from the prior lenders attorney. Typically a lender hires an attorney to begin the foreclosure process. When your title agent orders a payoff from the from the attorney the attorney has the contact the delinquent homeowners lender in order to get the payoff with accrued interest, late fees and add on the attorney fees. This usually takes about 7-14 business days. However, with so many foreclosures banks have been back up.

Please be more specific. If you put in an offer, then you should be waiting to hear back from the seller to see if they have accepted the offer. This may take additional time if the lender has started the foreclosure process. The bank will also have to approve the offer. Once approval is complete, then your REALTOR will need to make arrangements for an inspection, appraisal, title work, etc.

With a bank foreclosure property, this process can be quite a bit slower because the bank will have to approve everything.

The party holding the mortgage loaned on the house is claiming ownership rights for non-payment on the loan. Once the title is in the name of the mortgage company they own it totally.