New to website and to investing in RE… Very interested in a prop. that the bank bought back after a foreclosure at Sheriff Sale… website says its not for sale…a rep on their website said that theres no one to talk too…Does anyone know if I can go inside to the bank and since they say its not for sale…does that mean the property is in very bad condition…I want this prop…
Hi,
Most likely it means there are title issues and that alone has been known to take upwards of 12 to 18 months to clear up because of the way banks and lenders were selling there interests into a wall street fund who was cutting them up and selling them in little pieces.
If the bank or lender needs to wait for original documents it can take a lot of time.
Another reason for a “No Sale” is a state with redemption rights and an original owner insisting they will come up with the money.
Some states allow upwards of a year or longer for redemption.
There is also the possibility that there is a property line dispute, litigation involving the property, a foreclosure lawsuit by owner for a mistake in the original documents or foreclosure process mistakes.
Don’t get hung up on one property, move on and make money!
As an investor I have no love or desire for any property, it is a way and a means to an end which is making money investing. That’s all!
Good luck,
GR