Foreclosure in Tafton>Question Details

Jaynieog, Home Buyer in Tafton, PA

I am interested in a deutsche bank foreclosure. It goes to sherrif sale 6/15/11, how do I approach the bank about a cash offer prior to this

Asked by Jaynieog, Tafton, PA Wed Jun 1, 2011

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3
Jay,

Since the bank does not have exclusive ownership at the present time you would have to deal with the present owner. Your best alternative is to wait until the bank takes ownership, monitor the local MLS, and be ready to act on it as soon as it comes onto the market.

Banks do not deal directly with the sale of real estate and will place it in the hands of real estate professionals at some point after taking possession.

You can attend the sheriff's sale and bid on the property there. This can be risky because of the fact that the liens and judgements on the subject property become your responsibility upon purchase and will need to be satisfied by you. This is why most of these properties end up back in the hands of the lender.

Good luck,

Bill
0 votes Thank Flag Link Thu Jun 2, 2011
If the property has not been foreclosed on by the bank, you would have to contact the homeowner as they are the legal owner of the property until sheriffs sale and/or until any redemption period has expired.
0 votes Thank Flag Link Wed Jun 1, 2011
Is this home currently listed in the MLS? If so, find a Realtor to work with you as a Buyer's Agent and he/she can help you with the transaction. If it's not listed, it's not as simple as just calling up the bank and making an offer.
0 votes Thank Flag Link Wed Jun 1, 2011
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