GMAC Foreclosed home.

I found a property that needs some work and would like to put an offer in on the home. My realtor talked to the listing realtor to find out why its been on the market 500 days. The listing realtor said the bank wont respond to offers??? They have been sending offers in to the bank for the past year. Most time people walk away from it because they never respond. Its a fair shaped house in a great area. The home is owned by GMAC. The realtor has it listed at preforeclosure make an offer. If there is no homeowner wouldn’t this be a foreclosed home by now? Just frustrating. I would appreciate any advice from people who have some knowledge on this subject. Thanks

My guess and only my guess would be that the property was foreclosed on:

The time line is like this.

  1. Original owners and there lender agree to list property for sale at the point the borrower missed one payment.

  2. 60 days later a notice of default is filed and property heads toward foreclosure. (60 days in)

  3. 95 days later foreclosure happens and property is upheld for Trustee sale!
    (155 days in)

  4. Lenders BPO assesses property at current value of $xxx,xxx.00 dollars.

  5. Lender holds listing at curent BPO value.

  6. Lender re-signs listing for 6 months or one year.
    (180 days in)

  7. Offers come in but are so low in comparison to BPO lender feels insulted, won’t answer unreasonable offers from dis-respectful buyers.

  8. Lender re-signs new listing for old BPO amount not realizing market has colapsed further and price is unreasonable to sell. (360 days in

  9. Handyman1977pa see’s property and makes inquiry. (500 days in)

To find out exactly what happened you could get a preliminary property report from your local escrow company.

You could also try the tax assessors pages for legal owner.

Your realtor should be able to get a computer property report from MLS.

This kind of thing happens from time to time as lenders are so involved in properties that until some time passes, they don’t even realize they still own the property, and it sits and sits.

GMAC is a tough lender to work with. They often want more money for the property than what is realistic.

That being said…

GMAC is still a lender where you can get a deal approved as well. IF the property is still in pre-foreclosure I think one of two things could be happening.

  1. The mitigator sucks! Kill the deal and wait 30 days re-submit the package and get a new mitigator assigned to the file.

  2. The agent has not submitted a complete short sale package and/or they are not following up with the bank properly.

If neither of these issues are the case than the deal is a waste of time. The bank is not motivated to work with you. Leave that and move on to some lower hanging fruit.