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Finance & Stock Groups Forum Index » Financial Planning » Buying a bank owned home
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| Hubert |
 Posted: Thu Jul 12, 2007 1:04 pm |
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A home that my wife and I were considering putting an offer on this
weekend just got foreclosed. We called the selling agent and was told
that she lost the listing. Is there any way to contact the bank to
make an offer? Or are we going to have to wait and see what happens
and if they will put it back on the market?
Thanks,
H. |
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| Don |
| Posted: Thu Jul 12, 2007 5:07 pm |
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"Hubert" <huberttyip@yahoo.com> wrote in message
news:1184220385.886267.218460@r34g2000hsd.googlegroups.com...
Quote: A home that my wife and I were considering putting an offer on this
weekend just got foreclosed. We called the selling agent and was told
that she lost the listing. Is there any way to contact the bank to
make an offer? Or are we going to have to wait and see what happens
and if they will put it back on the market?
In a situation like this, the answer probably is "anything goes." There is
no reason at all why you couldn't just phone or walk into the bank and
inquire about buying the house. You will lose nothing by doing that You
might even consider contacting the former owners for further information
about what is happening. One thing for sure, the bank wants to get rid of it
as quickly as possible. |
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| Bill Woessner |
| Posted: Thu Jul 12, 2007 5:23 pm |
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On Jul 12, 5:04 am, Hubert <hubertt...@yahoo.com> wrote:
Quote: A home that my wife and I were considering putting an offer on this
weekend just got foreclosed. We called the selling agent and was told
that she lost the listing. Is there any way to contact the bank to
make an offer? Or are we going to have to wait and see what happens
and if they will put it back on the market?
The answer is: it depends on where you live. My wife and I are also
trying to purchase a foreclosed property. I'll tell you what we've
discovered, but bear in mind that the rules vary from jurisdiction to
jurisdiction.
The bank foreclosed on the property in question nearly a year ago.
The tried to sell it at an auction but they convienently failed to
disclose the fact that the house is condemned. So the guy they duped
in to buying it raised a big stink and got out of purchasing the
house. That was in November of 2006.
In the mean time, the bank has been sitting on the house. According
to their REO officer, they were attempting to pursue a deed in lieu of
foreclosure with the previous owner. This basically gives ownership
of the house to the bank and relinquishes the previous owner from all
liability (though her credit is still wrecked). The REO officer told
me that, once the deed was signed, they would start entertaining
offers on the house.
Unfortunately, the previous owner did not sign the deed. The bank
waited for a few months and finally decided to resume the full
foreclosure proceedings. In our jurisdiction, that means the bank is
REQUIRED to try to sell the property at auction. So my wife and I
will go to the auction and try to purchase the house there.
One final note: if the property fails to sell at auction (which I
consider to be a distinct possibility), we will then be able to
negotiate directly with the bank.
Anyway, those are the rules where I live. You should check with a
real estate agent in your jurisdiction to find out the rules. Make
sure you ask an agent who knows what they're doing. Many agents have
never dealt with foreclosures, so they're just as clueless as you, at
this point. :-)
--Bill |
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| Guest |
| Posted: Thu Jul 12, 2007 6:57 pm |
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On Jul 12, 2:04 am, Hubert <hubertt...@yahoo.com> wrote:
Quote: A home that my wife and I were considering putting an offer on this
weekend just got foreclosed. We called the selling agent and was told
that she lost the listing. Is there any way to contact the bank to
make an offer? Or are we going to have to wait and see what happens
and if they will put it back on the market?
Thanks,
H.
California real estate uses public records. Your county clerk/
recorder has these. You can contact him/her. If there was in fact a
trustee sale, notices had to published in the local paper (library).
You should be able to determine the lender one way or another. From
your description your house is now an REO (Real Estate Owned). It's
in the literature. Big institutions move in plodding and mysterious
ways that serve the self interest of the senior executives.
Good Luck |
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| Hubert |
| Posted: Sat Jul 14, 2007 2:35 pm |
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Thanks all for the responses. Looks like I will have to do some
investigative work to located the current owner/bank. Who should I
try to speak to once I have acquired this information? |
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| Douglas Johnson |
| Posted: Sun Jul 15, 2007 3:05 am |
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Hubert <huberttyip@yahoo.com> wrote:
Quote: Thanks all for the responses. Looks like I will have to do some
investigative work to located the current owner/bank. Who should I
try to speak to once I have acquired this information?
You might look at www.realtytrac.com which seems to have a lot of information
about foreclosed houses.
The local tax assessor is probably the best bet for finding the current owner.
If it is a bank, call the bank's main number and tell whoever answers that you
are interested in buying a house the bank owns. I'm sure you will get directed
to the right place.
-- Doug |
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| GoodRead |
| Posted: Mon Jul 16, 2007 1:07 pm |
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What should you look for when shopping for a home equity loan? Home
equity loans and lines of credit are commonly used for debt
consolidation, educational expenses, unplanned emergencies, home
improvements, vehicle purchases, and other gifts and purchases.Getting
a home equity loan has never been easier. Traditional banks and
mortgage companies offer a variety of products, with varying
qualification rules and fees. It certainly pays to shop around. An
excellent way to shop for a home equity loan these days is over the
internet. There are internet lender options for borrowers with credit
issues. These services have relationships with little-known lenders,
and are therefore able to secure a loan for anyone, even if your
credit is bad. I've started a new blog called "What you need to know
about
home equity loans - a consumer guide" at http://home-equity-loan-information.blogspot.com/.
I'd appreciate some feedback and I hope it will be of some benefit to
those contemplating a home equity loan. |
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