Home Buying in 60655>Question Details

Meyerish, Home Buyer in Chicago, IL

How do I go about purchasing this REO property? I can't seem to find the oor. It says it's a bank, but when I contact them, they said they don't own

Asked by Meyerish, Chicago, IL Thu Sep 6, 2012

10532 S Homan Ave
Chicago, IL 60655

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Answers

7
The foreclosure auction took place on 7/09/12. There were no 3rd party bidders so the property goes to the lender, Wells Fargo, but they don't own it yet. After the foreclosure auction there's a hearing that takes place called the Confirmation of Sale. With the way the court system is right now it's taking aproximately 4-8 weeks for that to happen. At that point the highest bidder at the auction, either the lender or a 3rd party, gets the deed to the property. In this case it's Wells Fargo as I mentioned. But you still won't see it come up for sale for a while. In most cases, the lender has to make sure the property is vacant before they list it for sale. Furthermore, the loan was FHA so that might take a little longer than usual. However if you really like this property, keep checking for a for sale sign to go up and also have a realtor monitor the MLS for you, pefferably a broker who's familiar with the foreclosure process, REOs and also bidding on HUD homes which this one most likely will be.
Contact me with any additional questions at FinancialCoach1@gmail.com or if you have any other property you'd like to know who owns it, foreclosure status, etc.
1 vote Thank Flag Link Thu Sep 6, 2012
you go to an auction and outbid the bank
0 votes Thank Flag Link Fri Sep 7, 2012
Realty Trac will just give you information on possible properties going into foreclosure. As Juan Mentioned there are other steps that need to be taken before the property is fully repossessed and up on the market. These steps can take weeks to months so patience will be very important. If you have the proper team working for you than they can help monitor the status of the property as well. It seems like you have allot of questions and concerns so its best you sit down with an agent and go over your options. If you need help feel free to contact me. Good luck!
Web Reference: http://www.myownhome.info
0 votes Thank Flag Link Fri Sep 7, 2012
Tax records should be able to tell you who owns it. Ask your Realtor to research for you.

Or you can try http://www.cookcountyassessor.com/

We specialize in REO property and have over 300 in inventory. Please let me know if i can assist you.
Some might not be available for sale as a single unit/home but will be sold via bulk sale to investors.
0 votes Thank Flag Link Thu Sep 6, 2012
Not ALL REO's are available to the public yet. Eventually they will be listed with a Realtor.

Do you want to buy a property?

Work with a Realtor and maximize your search potential. Should you need any help, feel free to contact me.
0 votes Thank Flag Link Thu Sep 6, 2012
i joined realty trac. It seems as if their information is not accurate or up to date.
0 votes Thank Flag Link Thu Sep 6, 2012
There are a variety of reason why "they don't own it". Are you looking through one of the on-line sites or are you in contact with a local Realtor in your area. If you need help locating a reputable agent in your area give me a call and I would gladly help you get in contact with a quality agent.
0 votes Thank Flag Link Thu Sep 6, 2012
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