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#1 Real Estate Team In St. Louis (636) 898-1231

Foreclosures FAQs

  • If the property is in pre-foreclosure, how do I buy before foreclosure?

    When a property is in pre-foreclosure, the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. The pre-foreclosure period can last several months, so you may need to be patient when trying to contact the owner in default.

  • How can I buy an auction property?

    After a property owner misses several mortgage payments, the owner has a pre-foreclosure grace period of a few weeks to a few months -- depending on the state -- to bring the payments up to date and stop any foreclosure proceedings. If the owner does not bring the delinquent payments up to date during the pre-foreclosure period, the property will be sold at a public auction.

  • How do I buy bank-owned REO properties?

    The lender/bank has taken ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction. The lender usually sells the property to recover the unpaid loan amount. The lender typically clears the title for any buyer, but the potential bargain is often less than a pre-foreclosure or auction property.

  • How do I buy property I see posted on The Kiper Team

    How you go about buying a property posted on thekiperteam.com depends on the property status. If the property is For Sale it will say active you can contact the Kiper Team by email or phone (636) 898-1231 to see the property and/or make an offer. If the property is a foreclosure, the process of buying will differ from the typical real estate purchase, please contact The Kiper Team for additional information.

  • How do I contact the lender to buy a bank-owned property (REO)?

    Once the property is on the market, The Kiper Team can assist with purchasing REO property. Typically you will have to wait for the property to be listed in order to purchase. If the Bank Owned (REO) property is not listed, your first step is to contact the bank that is holding the mortgage. You should ask for the lender's REO department or bank-owned property department to proceed with possibly buying the property. See: Checklist for Buying Bank-Owned REO Property

  • How do I check property liens, value and equity?

    Additional liens against a property (these can include delinquent taxes) can be researched several ways.

    additional Tips... Click Contact an Agent to find a local real estate agent in the st louis area who can help you buy a property.

    Contact the local property assessor (either through county or city government) and ask who is listed as the owner of the property. The assessor should also have the owner's mailing address. Go to statelocalgov.net to find the local property assessor in your area.

    It's important to research liens before you buy a property, whether the property is a foreclosure or not, because you as the buyer may be responsible for paying off those liens. The Title company at which you close will also do a lien search when preparing the title for transfer that you will be able to review.

  • What are foreclosures and how do I learn more about buying foreclosures?

    Answer: Foreclosure is a legal process that allows a lender/bank to sell or take possession of a property due to non-payment of a loan that is secured by that property. RealtyTrac posts properties that have already been foreclosed (Bank Owned) and properties that are in the foreclosure process (Pre-Foreclosure, Auction). Buyers have three opportunities to purchase property during foreclosure. Buying Pre-Foreclosure, Buying at Auction, Buying Bank Owned (REO)

    Read an Overview of the foreclosure process, which includes links to state laws and other resources.

 

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