If anyone has any information on this I would greatly appreciate it.
Here is the situation. I am resending for clarity since it is not a situation I have dealt with before.
There is a house that was foreclosed, mortgage company went to a realtor and it was listed on MLS. It was withdrawn after several days and therefore it not in representation. Mortgage company is still in possession it appears.
I would like to know if anyone knows how to get a mortgage company to consider a realtor (or anyone) to sell it or be the negotiator since there is a potential person ready to make an offer. Mortgage company has stated on recording they do not work with consumer directly but through an agent. It is a complete runaround within the maze of the mortgage company with not a clear outlet to the department manager charge. In considering the price of the home, why would there be such hesitation in getting it sold.
sometimes banks sell a property on the auction block without consulting their work out dept. (meaning the sold the property too soon) we have had cases were the lender sold the property on the auction block too soon and the investor won the bid at the auction. the bank contacts the investor explains that the sale was in error. the investor tells the bank they can buy it back at a profit. (the bank had to b/c the investor properly bought it from the auction block.)
it happens; due to so many people involved in the process in different office and different companies in different parts of the country…
It is also possible the bank fired the RE agt and have not yet re-assigned the property to another RE agt.
Or the bank portfolio was bought by a hedge fund or another bank…
many variables: (ck with the last RE agt on status they may know…)
Most time the bank will bid lower out of hopes of two things
The second mortgage holder will redeem there position and pay off the first.
An investor will come in and out bid them and they won’t have to mess with another property.
you can go to any realtor (That knows what they are doing) and have them submit an offer on your behalf to the lender directly.
Hope this helps