I have noticed quite a few properties in my area that are/look abandoned. Someone called me with the owner info for one of these properties in question, but when I called the owner, the property had already been sold. He stated he had property in the Chicago area and he took my info and said he’d call if he had anything else in my area (Lake County, IL). (Since I am beginning I am not ready to tackle anything outside of my area just yet.)
My question is how do I find the owners of these abandoned properties before they get sold or whatever is bound to happen to them so I can make offers?
Update: I just got a call while typing this, about one of the properties in question. The bank has regained the property. In this case, this would be an REO? I now have to deal with the bank? How do I go about this?
I would’ve done a search for the first question, but I didn’t know what to look for. As far as the second question, I’ll start searching the forum for approaching REO’s, if that is what I should be looking for.
Sometimes counties have tax records on line. If your county has that, that is one way you can find the owner’s name.
As far as REO’s, typically the lender gives them to an agent to list. You just need to see what agent has the listing. Then, you will need to submit any offers through that listing agent. Banks don’t typically deal directly with buyers.
How do I find out the who the bank (REO) is?
(yes, I’m searching the forum in the meantime) but in case someone chimes in before I find the answer, that would be great.
UPDATE:
Found the bank, listing agent, etc. Not yet on the market. Talked with the agent and will be faxing me a list of foreclosed items on the market as well as contacting me with more info on the initial property I called about, once he has more.
Am I missing anything? What’s my next step? Assess and if interested make an offer?
Please help!!!
I’ve been sitting, watching, reading, studying, asking questions, blah, blah, blah and I am ready to start doing. I won’t be like many others who never do anything. It’s time to take the leap.
Yes, know what your exit strategy is and then work your numbers. Base your offer on what works for your plan. Don’t buy based on emotion, only numbers.