Home Buying in 97140>Question Details

Thew Hale, Home Buyer in Tualatin, OR

Can I speed up the foreclosure process?

Asked by Thew Hale, Tualatin, OR Tue Nov 6, 2012

I've been eyeing a distressed property, hoping to make an offer before it foreclosed. Now I'm too late. Do I have to wait for it to go to auction? Can I contact the bank directly?

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You can contact the bank directly, but it's like navigating through a maze. Still, even though you contact them, they won't deal with you until after it's officially foreclosed. Even then, there may be a long period of time for them to sort out their legal title, so they may not deal with you for months. Your best bet is to find a Realtor who is familiar with selling REO property to help you in the process. I am not saying this for my own benefit because I would not be the person to take this on, since I am not even in your area, and am no expert on REO property in my area either! I have done it enough to know that you really have to know what you are doing. So, go find yourself an expert. Best of luck.
1 vote Thank Flag Link Tue Nov 6, 2012
It will depend on if it is a local bank where you can walk in and talk to a live person or if you have to deal with a large bank via phone. If it is local you will do much better than if it is one of the big banks. Good luck with that one!
1 vote Thank Flag Link Tue Nov 6, 2012
The bank wont usually work with an individual buyer. In my experience a buyer will need to wait until they list it on the market unless you can get the owner of record to with their bank and let them know there is a buyer interested. Not much I have heard of that you can do to speed it up.
0 votes Thank Flag Link Thu Apr 17, 2014
I had been in contact with the owners, and they didn't mention that the property was foreclosing this quickly. This morning, when I drove past, there was a landscaper there who said he had been hired by the bank...
0 votes Thank Flag Link Tue Nov 6, 2012
Only the owner of record on a recorded deed can enter into a contract to sell the property. IF a local bank foreclosed and is now the owner you may be able to talk to a real person. There are a lot of possibilities and a Realtor with the SFR or CDPE designation could be a good resource to represent you.
0 votes Thank Flag Link Tue Nov 6, 2012
I don't believe there is any way to speed it up nor contact the bank asset manager. Your best bet is to keep watching RMLS for it to be listed.
0 votes Thank Flag Link Tue Nov 6, 2012
The Bank will not deal with private individuals directly:
They are funny about that; they don't want their Escrows to fail.
They are paying for Realtors, and they want the Buyer's represented.
Yes, you will have to wait;

Interesting; you said you were "too late", but you said it hasn't gone to Auction;
Don't you realize that the Auction, (Trustee Sale) is the last step in the foreclosure:
Was it LISTED as a Shortsale?
Was there a Listing Agent?
If so, have your Realtor contact the Listing Agent and see if you can still make an Offer.
0 votes Thank Flag Link Tue Nov 6, 2012
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