Foreclosure in 35173>Question Details

Anitra, Home Seller in Birmingham, AL

The home that my clients want to purchase is a foreclosure, where do I start to get information about this property, it is not in mls or courthouse

Asked by Anitra, Birmingham, AL Tue Dec 1, 2009

i am a fairly new agent; I have never sold a foreclosure property. The home that my clients want to purchase in not in MLS nor is there any information at the courthouse besides the original owners.

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Well before foreclosed homes are actually listed, they are placed with an agent/broker who has a relationship with that bank or asset company who is handling that property. There is considerable work to be done before the price is set. Usually before a sign goes up in the yard, there will be a piece of paper posted in a window -- there should be a phone number to call on that piece of paper. This is how it works in the Birmingham market -- I worked for a local office with a lot of REO inventory. I hope my comments help.
0 votes Thank Flag Link Wed Mar 3, 2010
If it was already foreclosed on, then there was a buyer at the courthouse. Likely the previous lender. They may be listing it soon with an REO agent.

If it's in the foreclosure process, you may be able to buy it as a shortsale.

Foreclosure homes can be defined as so many things. The reality is the only REAL foreclosure purchase is the ones done at the auction/courthouse which are cash-only. Finding out where in the foreclosure stage the house is in will help determine what your next steps are.

Of course, all this from a lender's point of view. As James mentioned, you should probably talk to your broker.
0 votes Thank Flag Link Tue Dec 1, 2009
Anitra you need to sit down and talk with your broker.
0 votes Thank Flag Link Tue Dec 1, 2009
Where is the house located? How do you know that it is a for sure foreclosure? Does the house have a sign in the window that shows it has been weather proofed?
Have you talked to your broker?
0 votes Thank Flag Link Tue Dec 1, 2009
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