Have Bank Name and Contact Number. How do I approach?

Foreclosures, Short Sales, Tax Foreclosures
1

A home went to foreclosure auction today and didnt sell, so its a REO.

As I type I have someone researching who the bank is, who his stuck with the property

After I find out who the bank is, whats next? Do I request the help of an agent, or submit sometype of bid directly to the lender?

Any articles or info would be helpful.

Thanks

2

what state are you in? is there a redemption period in your state?

Have you been in contact with the bank prior to the sale i.e did you ask for a short sale and they refused?

3

I am in VA.

I have been watching the property for a while. I sent the homeowner a letter, but it nevered arrived (came back saying “Owner Doesnt Live Here”, Property wasnt owner occupied.).

I havent been able to contact the homeowner nor the bank.

I am not sure if Virginia redemption period, but this property has A LOT of equity, and my thought is, that the homeowner is no where to be found. I say that because any investor could have assisted the homeowner in avoiding foreclosure and my letter came back to me, so they must be gone.

UPDATE: Per RealtyTrac.com Virginia Doesnt have a redemption Period http://www.realtytrac.com/foreclosure_laws.asp?strState=Virginia

4

ok if you think there is huge equity there you need to go after it.

I havent done it before but I.m sure my coach could teach you how to go for excess funding.
There is special paperwork for it my coach does it all the time especially when no one can find the owner, then he will pay a PI to find them and get the deal done.

just a thought

5

The homeowner is gone, so its no need for a PI.

The bank owns it now, I am going to the clerk tomorrow to find the lender.

My question is, how do I proceed to contact the bank if the home is not even listed yet?

6

sorry I missed read.

The only thing is, if it has gone back to REO then it wil take about 1 week before all paperwork is done and they pass it to REO.

If you can gain access to the property I would get some quotes for repairs so you can back up your offer at a lower than retail price.

But try and be quick once in REO it takes them 30 days to give it to a realtor to sell and of course they are then looking for retail.

7

You mentioned my only concern. REPAIRS

The property is in GREAT value from what I seen from the outside. I say that its in great condition because they attempted to sell it at market value prior to it entering into foreclosure.

So when I do approach the bank, how do I try to get a below market value if they could very well sell the home for market value themselves.

8

easy.

Get access to MLS, you should have a realtor on your team right ? ) get MLS history and show the bank days on market etc, this was the price and couldn’t sell.

work it.

9

I have the all the market information as far as the bank. In Virginia some realtors have free access to MLS. It was on the market for at least 90 days, selling for $479000

Should I contact the bank as soon as I get a hold of the bank name to try to get my foot in?

If so, what should I ask the bank?

UPDATE = FOUND THE BANK, TELEPHONE NUMBER AND NAME OF OFFICER WHO IS TAKING CARE OF THIS LOAN

10

When REO most major bank has a asset management company to maintain .

11

The bank is BT&T, I contacted them today, and they said they would keep my name and number when they pass on the property for sale.

How do I get the property NOW and make an offer before a realtor gets in a attempts to sell it at market value.

12

Is the auction a open bid or silent bid? Ask how they sell the property. When it will be available. Some thing to consider, Bank staff might have first bid. You never know. Legal or not it happen

13

True,
When I spoke to him, he advised it first goes to deposition, dont know what that means or whats going to happen there, but I guess I have to wait and see.

14

Each state is judical ( going to court )or non judical( Trustee sale) The purpose of the deposition was to gather evidence in an attempt to prevent foreclosure. So it looks like the current owner is contesting the foreclosure.

What a para legal does .Review foreclosure report w/respect to priority of lienholders & determine parties to be served … Draft deposition questions & prepare deposition outline. …

FORECLOSURE

  • Order foreclosure report.
  • Review foreclosure report w/respect to priority of lienholders &
    determine parties to be served.
  • Draft foreclosure complaint.
  • Draft trustees notice of sale & arrange for publication.
  • Prepare & serve trustees notice of sale on grantors subsequent lien
    creditor.
  • Draft motion & support documents for summary judgment.
  • Draft motion & order for default.
  • Draft decree of foreclosure.
  • Record all proofs of service, affidavits of mailing, & publication
    prior to sale.
  • Check for federal tax liens 30 days prior to sale.
  • Draft & serve notice of nonjudicial sale on IRS if appropriate.
  • Draft bid sheet for sale.
  • Draft deed in lieu of foreclosure.
  • Attend sale.
  • Draft post-sale documents, including motion for writ of assistance.
  • Appear at time & place set for sale to postpone sale.
  • Draft & record trustees deed after sale.
  • Draft & record notice of maritime lien.
  • Draft complaint, satisfaction, & decree for foreclosure of maritime
    lien.
  • Draft correspondence to occupants giving notice to vacate.
  • Draft complaint in forcible detainer action to remove occupants.
  • Take possession, satisfy, & transmit promissory note & original deed
    of trust to trustee.
    Here is a good site for info
    http://www.expertlaw.com