Foreclosure in New Brunswick>Question Details

Marc Paliseno, Home Buyer in Edison, NJ

How to buy a bankruptcy property listed on foreclosure.com, but not on trulia or zillow?

Asked by Marc Paliseno, Edison, NJ Tue Aug 9, 2011

I have found 2 properties that are listed in Chapter 7 and Chapter 12 bankruptcy on Zillow's foreclosure.com. I cannot find the listings elsewhere, how do i go about contacting a deed holder to make an offer?

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3
Leah Henderson’s answer
Hi Marc,
I previewed the site you mentioned. There are many foreclosures listed for my area. I cross referenced the listings on the site with the local MLS. There are a high percentage of discrepancies primarily due to the homes not being on the market any longer.

Though the prices and much of the details seem accurate there were homes listed on the site that I did not see on the website. I say this to encourage you to find an agent to work with who will help you meet your purchasing goals. Whether a purchase to reside in or an investment I encourage you to reach out to an agent from trulia to help you find foreclosed home. If you find the "deed holder" they will direct you to the listing agent to write up an offer. In that case you will end up using the seller's agent to purchase the home either way. So you're going to utilize an agent to purchase a home regardless.

A secondary question is why do you want foreclosed homes?
0 votes Thank Flag Link Tue Aug 9, 2011
Please understand that you can't buy anything off these Buletin Boards:

These are just ADS!

And you can't buy anything in a Bankruptcy; the House may or may not be included in the BK.

When a House has gone thru Foreclosure, the Banks will list it with a Realtor on a local MLS.
You will need to enlist a Realtor, preferably your own Realtor, to help you make an Offer.

You are not saving anything by trying to Do-IT-Yourself.

You cannot and may not contact the deed holder yourself!
We Realtors have enough trouble trying to contact the Banks ourselves.

Are you getting the picture?
1 vote Thank Flag Link Wed Aug 10, 2011
foreclosures.com provides a list of homes in various stages of the foreclosure process. They may be in the pre-foreclosure stage, the bank has notified the local court that the owner is in default on their mortgage and a lawsuit for foreclosure is being filed. At the same time, the owners may be attempting to get their mortgage modified and, sometimes the owners file for bankruptcy as part of the process of trying to save their home because it stops the foreclosure temporarily and buys them some time.

When either the home owner or the bank is ready to actually sell the home it will be listed on the Multiple Listing Service (MLS). If the home is in a short sale situation, and the homeowner is negotiating with the bank to take less than is owed to pay off the current mortgage, the bank will insist that the home be marketed on the MLS to maximize exposure and get the best price possible. And, when banks foreclose and sell the house themselves the same thing happens, the home is marketed through the MLS.

If you are interested in purchasing homes that are in the short sale stage or have been foreclosed on, your best option is to work with a good real estate agent who can monitor the Multiple Listing Service for you.
0 votes Thank Flag Link Wed Aug 10, 2011
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