Foreclosure in Lebanon>Question Details

Mark, Home Buyer in Lebanon, ME

how do i find bank owned, foreclosed, and abandon property, in Lebanon Maine?

Asked by Mark, Lebanon, ME Fri Jul 6, 2012

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Hi Mark.

The answers you are receiving are good. A local realtor in Lebanon may already know which homes are bank owned, and can advise you from there.
Unless your an investor or cash buyer, I have found buyers having trouble getting financed as most of these homes have condition issues which are not compatible with their loan pre-approvals. Also, the selling institutions are looking to get as much as possible for these homes. Your not buying them for one dollar. Charlene directed you to Homepath.com which is a good site as Homepath has a program which includes needed renovations on the properties.
My advice to buyers is to find the home you like and want, and that you are qualified to purchase, and then if its a bank owned property which may afford you a stronger bargaining position, then thats a potential bonus. But again, the condition issues have to be considered for your financing. Your loan pre-approval, what that loan programs guidelines are, and what it allows for renovations are the most important factors.
Lastly, the question of whether you are looking for a home for yourself to live in or a property to "flip" comes into play on which loan program will work for you. So make your first stop a Lender so you know what your options are, that will make the search more focused and hopefully result in a purchase for you.
0 votes Thank Flag Link Sat Jul 7, 2012
Hi Mark,
As Suzanne said, the banks do not sell directly to the buyer - they use a real estate agent. And the properties are not always listed as bank owned in the description either.

The easiest thing to do is contact an agent and have them set up a search for you for properties under a certain price point in the area you want to purchase. Then when something comes up you will be notified immediately and can contact the agent to get details on whether or not it is foreclosed.

you can also check out http://www.homepath.com which is where Fannie Mae lists their properties.. again, you need to go through an agent to purchase them.

Your best bet is to find an agent you like working with - meet with a few and then pick one and work with him or her! Don't chase after multiple agents on different properties. these properties are usually very low priced and don't pay much on commissions, so if you want the agent to work for you, work with them! It doesn't cost you anything.
0 votes Thank Flag Link Sat Jul 7, 2012
Find a realtor who has experience with these types of properties. The banks will not sell them directly to a buyer, they always list them with a realtor and since the seller, in this case the bank, pays the realtors' fee you would be well advised to use their services. After all free is good, right?
0 votes Thank Flag Link Sat Jul 7, 2012
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