How do I purchase a foreclosure home that is owned by the bank?
Tuesday, January 10th, 2012 at
6:34 pm
I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?
Filed under: Retirement Planning
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I could give you detailed instructions here. However, you can find most all you need at this site http://foreclosure-help-now.com
The keys are to make sure you inspect the proprieties in question. Check with the court house to see if any existing liens are on a property.
The banks will usually have a bid format that you can use to submit your offer. They will show you the minimum they will accept.
Your best bet is to contact the bank that owns the property directly.
They will put you in touch with the agent that has listed the property for sale, if there is an agent. The agent can provide you with the MLS number if there is one or you can look it up on http://www.Realtor.com using the street and city.
Otherwise, you would negotiate directly with the bank. If you have good credit and are not planning to pay all cash for the property, the bank may be willing to do the loan.
Are you looking for the addresses to the homes that are owned by the bank? Call the bank or the trustee and ask!
Where did you "find" these properties? If they were on a website with a list of foreclosures, you may need to sign up or register at the site to obtain that information.
Often, the price listed is the amount of the loan that has been defaulted on. Not necessarily the first loan which would have priority in a foreclosure sale…
$10k for a house is usually not the sale price. Did you find the listings on the Yahoo! foreclosure site?
I can help with the finanicing and contacting the bank, depending on the state. Shoot me an email to msmith@premierloangroup.com, and let’s chat!
Marty