Foreclosure in 83440>Question Details

amdimal, Home Buyer in 83440

I'm looking to buy a home that was vacated 2 years ago. Noted is owend by Bank of America who won't move on it. Any advise?

Asked by amdimal, 83440 Tue Oct 23, 2012

there is a home just outside of the town I live in that is the perfect home in the perfect location for me. The owners of the property vacated the home 2 years ago. The note is owned by Bank of America who has yet to do anything with home. They Have Rescinded the Notice of Default three times. .They looked like they were going to get stated on the process again in June, since they recorded a new default, but they have not done anything since June 25, 2012. I think I could get a great deal on the home but so far I have got no where with Bank of America and the title company and my agent haven't been able to help me at all. The owners are no where to be found. I would love to buy the house and it has to be in the banks best interest to unload the property

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Bank of America has no authority to negotitate on the property until they actually own it (after the trustee sale). Once it goes through the trustee sale process they will list the property one of their preferred agents in that area. You can watch for the listing at http://realestatecenter.bankofamerica.com. If the home is still in the foreclosure process you'll have to either contact the current owner about a short sale or wait until the property belongs to BofA and then make your offer through your agent. I've had the pleasure of working with Bank of America for over 10 years on both REO listings and Short Sales. Good Luck and continue to be patient.
0 votes Thank Flag Link Tue Oct 23, 2012
Amdimal,

This may be a case where the current owners have filed bankruptcy. In those instances, there is a federal stay issued and Bank of America cannot do anything until the bankruptcy is discharged or the trustee releases the home from the stay. A home may be released ahead of the discharge if the trustee reviews the market value of the home and finds that there is not any equity that could be used to pay creditors.

You may be able to do some research and find out if the owners have filed bankruptcy.

There may also be some other reason that the lender cannot clear title. You should be diligent in researching those potential issues as well. Your agent could have title do a search and look for anything recorded that may be cause for alarm.

If you do make some progress in purchasing the home, do yourself a favor and purchase extended title coverage just in case. It's a fairly cheap way to protect yourself against potentially unknown title issues.

Keep in mind this is not legal advice and you'll want to consult an attorney for certainty in these matters.
0 votes Thank Flag Link Tue Oct 23, 2012
I've heard that Bank of America has been sitting on a lot of homes that have gone into foreclosure and are just starting to put them on the market. Just have your agent keep their eyes on the MLS. Trying to buy a house at a sheriffs sale can be risky. I've seen in our area homes that have been purchased back by the bank at the sheriffs sale, then go back on the market 6 months later for thousands less.
0 votes Thank Flag Link Tue Oct 23, 2012
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