In Denver...I was attempting to purchase a home through a short sale but the seller changed their mind. Now the property is going to foreclosure auction and I expect the bank to take back the property and put in back on the market. I want to buy the property, what is the best approach to be first in line to put my offer in on the property after auction? should I contact the bank after the auction, before they put it back on the market? Any suggestions would be helpful.
Well, there is no first line after the auction. If you didn't bid and the property was given back to the lender, you must wait a long period of time, sometimes a year, before it's listed on the market by a selling agent.
That's how the banks handle their REOs. Some of them don't even list them in the common MLS system and you may find them hanging on Zillow or Trulia only.
Even if you contact the selling agent before the property was listed on the MLS, you must wait for some time after the property is listed on the MLS because the bank wants it to be seen by more people. That is how they create a multiple offer situation in order to take advantage of the buyer's stress and collect the highest anonymous bid. If you really like the property, you will surely over pay for it, more than regular negotiating with offers and counteroffers. Good Luck!
You can always try and contact the bank however most banks do not handle the sales of their own property, they may be able to tell you which assett manager it is assigned to after the foreclosure auction. Usually after the foreclosure the house is assigned to a an assett manager, they in turn hire a local and approved broker to handle the sale. The broker arranges the cleanout and the appraisal. the bank will then set a price and it goes on the market in usually 2-4 weeks as oong as there is no eviction. NOW there are complications sometimes such if there was private mortgage insurance and they end up taking the house or if it is pooled with other homes and sold off in a bundle. Your best bet is to keep cheking the house ofr when the assett manager is assisgned, they will post the house with their contact number. Good luck with your purchase.
If give me the property address I can check if it went to sale yet or not. If it has not gone to sale I can try and contact the seller and see if I can work something out with the seller to keep the negotiations up with lender. I have about 20 short sale listings at this time and work with a fantastic negotiating team and we have a high closing rate of all our short sales. Please call me at 720-350-5909 or you can email me at tatyana@exitrealtydtc.com.
Thanks
Well, it may take time for it to go back on the market. The bank has a lot of paperwork to do if in fact it did go into foreclosure. The bank may send it directly to auction (so yes call and ask the bank what their intentions are) and or they can recruit a brokerage real estate firm and have them list the property for them to market on a foreclosure. You will just have to do some due diligence on your end at this time to see what happens to the property. Keep checking your local MLS for status. I think that is all I can recommend at this point.
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