Stephanie, Home Buyer in Grosse Pointe Park, MI

I know of a home that is foreclosed, but it is not yet listed on the market. Can I contact the bank directly to show interest?

Asked by Stephanie, Grosse Pointe Park, MI Tue Feb 9, 2010

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Of course you can try, but you most likely won't get anywhere.

The banks (and their asset managers) put them on the market when they have clear title to the property. In Michigan a foreclosed upon home owner has a 6 month right of redemption (normally) to the home if they haven't abandoned it.

The banks and asset managers spend time after the notice of foreclosure & sheriffs sale to get their ducks in a row, so to speak. They are probably not ready yet to entertain offers on a recent foreclosure.
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1 vote Thank Flag Link Tue Feb 9, 2010
Your welcome to call our office.. If it is any foreclosure in Grosse Pointe, then the property could be assigned to our office. We would contact the bank directly for you and discuss the plan of action. Your welcome to call our office anytime @ 313-824-5555
0 votes Thank Flag Link Wed Sep 11, 2013
If you are daring enough, you could always go up to the homeowner and tell them you are interested in the home and ask about it. They might be able to provide you with all of the information you need to buy at the moment it is released. Tell an agent and take the chances of it being bought by an agent. There are clearly ethical issues from both stances. Would some of them do it if given the chance, of course they would. It's an eat or be eaten world. I'd say go get it before anyone else can get their greedy little hands on it and flip it for twice as much.
0 votes Thank Flag Link Wed Dec 12, 2012
If it is a small local bank you may be able to contact them. If it in a big bank, good luck. Call an agent and ask them to keep an eye out for that property.
0 votes Thank Flag Link Fri Aug 6, 2010
You can try, but I highly doubt your effort will amount to anything, the bank might of transferred the home to Fannie or Freddie by now?? either way it will be listed with an REO Broker at some point in the near future.
0 votes Thank Flag Link Mon Mar 15, 2010
Even if you could get ahold of someone and show interest, you'd likely need to pay off the lien that they held on the home, which is often higher than the market (and most likely why it went to foreclosure) instead of being picked up at auction prior.

Keep your eyes peeled for the home to be re-listed. Work with an agent you trust to pull public record and they can give you a probable time-line for when it may be re-listed. Then, when it does become listed, bid aggressively. Banks today are often strategically underpricing homes and thereby getting multiple offers on the same home, driving prices up. Don't be surprised if it gets listed low and then sells for much higher if it's in good condition.
0 votes Thank Flag Link Tue Feb 9, 2010
Stephanie in most cases the answer is no. The banks do not sell their own properties. Once a property is taken back at foreclosure auction, it assigne dto an asset managing company, an aset manager within that firm is assigned. That manager will then assign the home to a local broker from their approved list. Now sometimes the home is combined with other foreclosed homes and sold in bulk by the bank, other times there is a private mortgage insurance company who can pay teh bank and take the home to sell. So it can take some time to see it. Your best bet is to check the property often, once an agent is assigned, they will post a notice on the door with their contact information. That is who you need to contact to get in early before it is the public and to have your offer ready once the house is cleaned, appraised and a listing price established. good luck with your search.
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0 votes Thank Flag Link Tue Feb 9, 2010
You can certainly try, but it can be pretty challenging. It really depends where it is in the process and why it is not yet on the market. The seller might still have rights of redemption, or there could be litigation involved. The bank might reer you to the agent who will be listing it. If you have your own agent, they can try to track down the information for you. Banks I have represented will not do anything until it is on the market, but you might get some indication of when that will be.
0 votes Thank Flag Link Tue Feb 9, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
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