Foreclosure in Irmo>Question Details

M Loughman, Other/Just Looking in 29212

I have found a foreclosure I am very interested. I have contacted the 1st lien holder and 2nd lien holder. 2nd says they are still reviewing with

Asked by M Loughman, 29212 Sat Jul 10, 2010

lawyers to determine if they will take loss or buy out 1st lien holder. Left message for 1st lien holder contact with no return call. Call back to check status. Any advice to make sure this doesn't fall thru the cracks by missing an opportunity?

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Carol Wilks’ answer
I am involved with several short sales and foreclosures and willing to help you with this. Call me directly and or go to my website. It does take time and connections with the bank and I have attorneys that are available for questions on my behalf. Looking forward to helping you in any way I can!!

Carol Wilks
Exit Real Estate Consultants
Web Reference:
0 votes Thank Flag Link Mon Jul 12, 2010
As stated, if it is foreclosed 2nd lienholder is no longer a valid person to negociate with. I have heard of sucess but you must be percentant and you really should have a Realtor calling. I have not heard of a buyer getting it done. Why... because in the end, they need a Realtor to close out the transaction. So find a Realtor that would keep calling on your behalf. It may take a few months but it is possible. It really depends on who is at the end. If the offer is fair market value, if it not.... chances are not as good that you will succeed.

Good Luck!!!
0 votes Thank Flag Link Sun Jul 11, 2010
As already stated, do consider working with an agent and or an attorney who specilizes in real estate to help you in the process and all related paperwork--highly unlikely that a lender will sell directly to an individual.
0 votes Thank Flag Link Sun Jul 11, 2010
Keep calling the 1st lien holder. Find out who the lawyers are also and keep in CONSTANT contact with them. Get to know the people in these organizations who are the decision makers. They might list it with a real estate firm but at least you will be able to find out the day it goes on the market.

Dana Browne
Coldwell Banker United
0 votes Thank Flag Link Sun Jul 11, 2010
M -

It is very unlikely a bank will sell directly to an individual. I've never heard of a bank selling without listing through their designated Listing agent. Use a REALTOR to represent you and they can assist in navigating through this process. It is VERY likely this proeprty is already assigned to a local agent and they are determining what price to place it on the market.

Also, if the property is already foreclosed by the 1st, then the 2nd has been wiped out and stands in the same position as everyone else wanting to buy the property - they get no advantage.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage as it is not beneficial to the Seller or the Buyer, but only to the Agent.
888-391-5245 Direct Cell
0 votes Thank Flag Link Sat Jul 10, 2010
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