questions on offering ona foreclosure

[SD Realtor]

Bane, what you need to do is to track the home once it becomes an REO. Then you literally need to contact the bank on your own, sift through the beauracracy and find out who the person is that you would need to send the offer in to. You also need to act in an expedient manner because you want to get that offer into the bank prior to the bank listing the property with a broker. Once it is listed with the broker it is in all likelihood a bit late. Generally any realtor can email you the tax roll and the tax roll will have some information on who the home was conveyed to once the trustee sale happened. However that may not be the actual lender, it may be a servicing company, etc… It takes some digging and it may or may not be worth your time to try to track the lender down. You can go down to county records to also find out who the actual originator of the loan was (as most likely the loan documents were recorded) and then possibly try going that route for figuring out who to contact.

I have had a few clients ask me to help them track down the lenders to make offers directly to them. Honestly though I didn’t have much success, not because it couldn’t be done, but because I did not have the time to really cut through the tape to do it. It takes some legwork. Also a good way is while the home is going through foreclosure, to try to cozy up to the owner to then get the lenders or servicing organizations contact information.

Also yeah I have seen postings about people who bought from the bank. OC Scam posted about buying from the bank so perhaps he/she can post how they initially made contact.

SD Realtor

[raptorduck]

As some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.

I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.

[raptorduck]

As some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.

I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.

[raptorduck]

As some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.

I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.

[raptorduck]

As some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.

I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.

[raptorduck]

As some folks may recall, I went after a foreclosure in RSF. I tried to get an offer in during the period where title was transferring to the bank. First, I went through the original listing agent. Then I tried the bank directly and, after much searching, found the guy at the bank who was responsible for the house and put in an offer through my agent. But then the bank signed a contract with a listing agent for the REO. That agent found out about my offer and then threatened a law suit against the original listing agent and the bank itself if it processed my offer. He insisted I go through him. So I had to wait a few weeks and then put in an offer through him and after a lot of waiting, my offer was rejected. I don’t really know if the bank ever saw it. This new listing agent was a real &#*#. Two months later this REO is still on the market and I am going nowhere near it. REO’s are huge bargains on paper, but too risky for my novice taste.

I note that I saw a foreclosure here that sold, fell out of escrow, and resold, only to see the buyer find out that the bank was happy to release its own lien on the property, but any other liens on a REO, like HOA leans, for example, are the buyer’s problem. This could add up to thousands, if not tens of thousands of dollars. I speculate that a second mortgage from another bank would also mean you have to negotiate with the second lender as well, even if it is a subordinated lien holder.

[MoovanOnUp]

I think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?

[MoovanOnUp]

I think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?

[MoovanOnUp]

I think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?

[MoovanOnUp]

I think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?

[MoovanOnUp]

I think second lenders have the option to buy the property at the Trustee Sale. After the trustee sale their rights are gone. That is why short sales need the seconds to forgive the debt. However, taxes are always going to stay and should get paid by escrow for a clean title. SD Realtor, can you give some clarity?

[The OC Scam]

Bane,

First of all it is awesome you found a home you like!!

Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….

Good Day,

The OC Scam

[The OC Scam]

Bane,

First of all it is awesome you found a home you like!!

Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….

Good Day,

The OC Scam

[The OC Scam]

Bane,

First of all it is awesome you found a home you like!!

Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….

Good Day,

The OC Scam

[The OC Scam]

Bane,

First of all it is awesome you found a home you like!!

Here is what you need to do to get that beautiful house….Move in already …squat…demand the house…put your flag in the lawn with your name on it…like in the old wild west…just call up the water, electric, gas companies and put their service in your name …then tell the bank to want to make a offer as a tenant …that is how you get a REO in today’s market //Don’t let those Realtors tell you what to do!
If you want more insightful information then look out for my book “How to Squat then Buy America” is coming July 2008 to a book store near you….

Good Day,

The OC Scam

[Author]

Posts