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I found a home that we are thinking about putting an offer on today. The listing agent was contacted and said that the property has gone into foreclosure. The listing agent, therefore, is not working with the property any longer. What do I do now? Who can I contact to find out the bank that has foreclosed on the property owner? How do I make an offer now? Thank you for your help!
I am not sure if your agent can track this down, but there is also a website that you can do a free trial of and search for that house. Foreclosures Real Estate Foreclosure Listings and Homes at RealtyTrac I tried it out for a week and found some but they weren't the right home for us.
You should be able to check the local papers for the last several weeks as they are required by law to state that they will be auctioning a home. Locate the attorney that handles most of the auctions in that area for the banks, and see if the proeprty did or did not sell at the auction, or if it reverted to REO (real estate owned). If it is now an REO property, go to the county and find out what bank held the note. You can then call them and find out if they are willing to strike a deal.
You can also locate a good Real Estate agent to do all that work for you. I work a lot with REO's and HUD owned properties and do this often for buyers. Locate a good local agent that is familiar with this, maybe call and ask for a manager of the office and ask them to refer you to an agent that can help vice getting whatever agent is just next in the rotation.
Good luck, it can be time consuming and frustrating...but definitely worth it!
I found a home that we are thinking about putting an offer on today. The listing agent was contacted and said that the property has gone into foreclosure. The listing agent, therefore, is not working with the property any longer. What do I do now? Who can I contact to find out the bank that has foreclosed on the property owner? How do I make an offer now? Thank you for your help!
HELLO I'M A REALTOR IN MARTINSVILLE,VA. IS THE LISTING NOW UNDER HUD.GOV? WE AS REALTORS WAIT TIL ITS ON THAT SITE AND WE HAVE TO SUBMIT AN OFFER FOR YOU. WHAT IS THE ADDRESS OF THE PROPERTY?
At this point your options are limited. Foreclosure can take several different forms and in a worst case scenario it could take over a year for it to go through the courts and back on the market. One of the things that might work for you is to contact the former owner, offer to buy their interest (this will give you "standing" and can be any amount....$1.00 and consideration), contact the lender, offer to bring the payments current and refinance within the next 30 days. If I wanted that property badly enough, I would hire an attorney to do this for me so it would show seriousness on my part.
You do know that there is a very good chance the house was refinanced at 110% recently and that values have dropped, and you may end up owning an overpriced pos, right?
What is going on if the seller's realtor claims the bank holds the title free and clear, but court records show the foreclosure is still in progress?? There are secondary mortgages on this house, and pre- or post foreclosure makes a big difference...
Where I live the county clerk posts the next 30 days worth of foreclosures on their website. They list the $$$, lender, borrower, and date of foreclosure auction. We are bidding on a house next month. If you go this route, be sure to check for other liens on the property. Some will survive the foreclosure. This info is public record and is available to you at no cost.
HELLO I'M A REALTOR IN MARTINSVILLE,VA. IS THE LISTING NOW UNDER HUD.GOV? WE AS REALTORS WAIT TIL ITS ON THAT SITE AND WE HAVE TO SUBMIT AN OFFER FOR YOU. WHAT IS THE ADDRESS OF THE PROPERTY?
Provided it is a HUD owned property and not owned by whatever bank it was that that lended the money which most of the current foreclosures are because of the whole subprime lender ordeal. Those are the owner's that are really hurt right now due to all the 106% adjustable rate loans.
The best advice given in this thread paraphrased, "find an agent highly involved in foreclosures." If you aggressively do so, you will find an agent who will see your hurdle as only a minor issue.
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