I am interested in a piece of property that has been forclosed on. And now I can not find who is in authority to accept an offer. I was told to keep an eye out on a web site for listed properties that they list. It has been since March and nothing, it never surfaces. I have seen it in a property search through Realtytrac. And it does describe it as bank owned, But when I try to get in touch with the mentioned bank in control, you only get a recording telling you to fax or mail them a desription of the property you are interested in. But they never reply. Anyone got any advise
It’s probably listed on the mls.
If you don’t have mls access, call a realtor up and ask them to do a search to see if it is listed. Then make your offer through the agent.
Steph
Hey Steph, thanks for your advise. But guess what? I already had a realtor look into it for me,and she also ran into a block wall. She said she would get back to me when see got any leads. And it’s been over a week. My wife and I really want this house. It’s going to be our retirement home (I hope !!) We weren’t even going to buy for another ten years or so. But with the market as it is. WE just think it’s a great opportune time. And this house came up exactly where we want to be.
Any other tips you can offer :help
I had 2 or 3 thoughts regarding your situation.
Q: Do you live in a foreclosure state that has a redemption period?
A: If so, it is possible the bank has reason to hold the property without marketing it, through the redemption period.
Q: Is it possible this property is tied up in litigation?
A: If this property is tied up in a court for some reason the property would not be for sale.
Q: Is it possible the property has contractor liens?
A: If liens existed prior to foreclosure, in most states liens have to be settled to clean title prior to being re-marketed to the public.
It is also entirely possible that this property was transfered by this bank to another bank or lender and this previous (Known) bank is managing the asset.
Hey Gold River, thanks for chiming in.
1)The property is in California, what is a redemption period?
2)I don’t think it is in litigation. I knew the previous owner, and he died. His daughter was the executor (hope I spelled that right)and she was in no position to assume the loan. So she merely let the bank take it.
3) It may have a lien. The daughter told me that her mother (the previous owners ex-wife) was holding a $25,000 lien against the property. If so how does that tie up the property, And how does she get her money,if she has a case?
4)I believe the property was transfered from one bank to anothe The bank that originall foreclosed was called American Home Loan and now the new contact is called Deutsche Bank. But as I say they will not respond to my messages one way or the other. Got any ideas what my next move should be :help
if you really want this house you need to do a Direct sale with the Present Note holder…
Dont worry its simple and 99.9% fool proof… Ok here we go:
- contact the owners/owners daughter, or who ever got the property
- have them sign i) authorization to release information form.
ii) Limited power of attorney
*this is so you can deal with the bank directly - Negociate and buy the note off the bank
Pretty simple if you have direct question my contact information is below… I have done this sucessfully a dosen or so times for some people…
Peice of Cake…!!!
Thanks matshingdo001,
The daughter is out of the picture now the house actually went to aution and did not sell. So I’m assuming that it is fully foreclosed, is that right? My delema is that I can not make contact with a real person to make an offer.All you get is a recording telling you to mail or fax the property description to a certain department of theirs and supposedly they will get back. Well it has been two weeks now and no response. So I don’t know what my next move should be. It’s like chasing a ghost. :help
An REO is a foreclosed upon property owned by the Bank. A pre-foreclosure is not. You will find the person to speak to by contacting the Trustee and asking for the lender info or call a title company and ask them to send you the trustee sale notice and NOD… Once you have that google the lender and you should find a telephone number to call.
It will feel like quick sand at times but keep plugging away.
Thanks MichaelQuarles
As I say it went to aution but did not sell. And I was told by the Title Copany that it would now go back to the lender. So isn’t that considered foreclosed on. I do have a number to call but as I say again. All I get is an automated message asking you to submit a fax or mail describing the property of interest. And that they will get back to you.I have waited for over two weeks now. I want to figure out a way how to go beyond this proccess, and not depend on waiting for someone to contact me. I am hoping someone knows of a way to get their interest to get back to me,like some type of wording. Or when I call, maybe I can ask their operator to direct my call a certain way. And get someone in authority, in a round about way. Any help would be greatly appreciated:help
I would still approach it as if we were trying to Short Sale it…
Get the Daughter to sign this:
i) authorization to release information form.
ii) Limited power of attorney
iii) Purchase & Sale Agreement for the property (with no price, fill it in later)
*this is so you can deal with the bank directly
I know you think the owner is out of it, But try it anyways… You just might be surprised how the note holder will respond to you.
I have been involved with similar transactions, The property when to auction and didn’t sell. but guess what??? the lender never transferred title… I conducted the sale just like a Short Sale…
No promises but This is where I would start… Worst comes to worst you will end up speaking to a live person in the banks that will most likely point you in the right direction if you are persistent enough…
But I do promise you this… You will have a very rough time speaking to anyone if you Don’t do this…
Good luck… If you need these forms I can get them to you!
:beer :beer :beer
I just heard a similar problem with Deutsche Bank over the weekend.
A title person was telling me that they don’t even know what properties they own and that getting information from them is very difficult.
Continue to be the squeaky wheel with them. You will get oiled faster!
Good luck and keep us updated!
Put a for sale by owner sign in the yard with your number on it!! So one will call. Good luck :biggrin :biggrin
I want to thank everyone for your advise and ideas. At this point I am going to take matshingdo001’s advise and use his approach ( reply #9). Because nothing I have done has gotten me anywhere. I will reply again when something happens, and share any information I learn in my quest.
For those that may run across this topic and have something to offer please feel free to chime in, it couldn’t hurt :banghead
Again thanks everyone!!
Rick
By the way gregcook, I like your idea also!!
Rick
Your ideas are cool dude.Nice post!Very well said, thanks for sharing.
Hillarous~