Foreclosure in Woodmere>Question Details

Ttzke, Home Owner in Milan, MI

This house is in foreclosure. Is it possible to go right to the bank that is foreclosing on the property and make a deal with them?

Asked by Ttzke, Milan, MI Sun Apr 28, 2013

4069 Old Mill Cove Trail West, Jacksonville, fl

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Answers

5
No. The bank doesn't own it and you aren't a party to the transaction.
0 votes Thank Flag Link Fri Apr 4, 2014
I've tried contacting banks directly for an investor I work with, to no avail. They are just overwhelmed with properties, so don't know how to handle a request for purchase.

You might put together a good offer, find out the name of asset manager, and submit the written offer directly to the asset manager. Chances are slim, but making a direct approach with a healthy deposit might pull it off. Find a title company to hold deposit, or better yet, state in offer binder due one day after acceptance. Keep in mind the asset managers have no experience in selling a property, which is why they rely on getting it listed when the time is right.
0 votes Thank Flag Link Wed Oct 2, 2013
That's bad advice. How can the bank negotiate a sale on a property they do not own yet? It would be like you selling your neighbors car because it's parked next door to you. You don't own it so you can't sell it. The bank doesn't own it so they can't sell it.
Flag Fri Apr 4, 2014
This property has an indefinite timeline of legal proceedings before the bank can begin taking steps to take title to the property. Doing some brief research, it looks as if there has been a death and possible probate issues to settle before ownership could transfer in some manner.

My firm is a preferred Realtor for some of the major bank's foreclosed properties. If you are a cash buyer, I can let you know what inventory I have inspected and have under management that have yet to hit the market. Or I can send you a list of current foreclosures and give you the pros and cons of short sales vs. foreclosed properties. Richard
0 votes Thank Flag Link Sun Apr 28, 2013
Thank you for taking the time to research the property. I am aware of everything that is going on. There is also a second mortgage on the home which has been written off by the bank holding it. The problem is, the house is sitting unattended and will need more repairs the longer it is not being cared for. Yes, I would be a cash buyer, however, there are only certain areas in Jacksonville that I am interested in.
Flag Mon Apr 29, 2013
Mr Burns has it. He did not say however, your chance of getting it is 1 in 30.
0 votes Thank Flag Link Sun Apr 28, 2013
If the bank has not taken possession and the seller is cooperative and is qualified you can attempt to negotiate a shortsale. Or if you know the auction date you may be able to bid on the property at the courthouse auction which is very risky for a novice investor.Lastly if the property has already gone through the foreclosure and is an REO you will have a very difficult time reaching anyone who can make a decision on selling it. Most of the time there is a chain of events for the property to be brought to the market. Many of the banks shadow inventory is being sold in bulk to corporate investor so it may never hit the open market. Good luck.
0 votes Thank Flag Link Sun Apr 28, 2013
Thank you for your reply. The owner of the home is deceased as of Oct 11,2011. There are no heirs, there was no will. Home was purchased for $131,000, I believe there is approx $124,000 remaining on the mortgage. What can I do to increase my chances of purchasing this property.
Flag Sun Apr 28, 2013
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