Reader may avoid buying home at auction by dealing with owner

Q: We're interested in buying a foreclosure that is slated for auction next month. We've been advised to skip the auction because the lender typically wins and it's not a great place for first-time bidders to get a good deal. As far as we can tell, the home was not up for sale before going straight to foreclosure. Have you ever heard of contacting the bank with an offer to try and get under contract and avoid an auction? We have a good idea of what is still owed on the home and would base our offer on that. -- Via e-mail

A: The bank doesn't own the property yet, not until buying it at the auction. To purchase before then, you'd buy directly from the unfortunate homeowner. A real estate broker or lawyer could help you investigate whether the process can be held off, saving everyone further costs while you negotiate with the owner.

Should home be appraised?

Q: Is it advisable to get your home appraised before listing to sell? Or, is the price to list from a real estate agent just as good? -- K.S.

A: For listing purposes, an experienced neighborhood agent usually has a pretty accurate idea of what a house is likely to bring.

Inviting agents from three nearby brokerages to come over and talk is a good way to locate a broker who inspires confidence.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.