Home Buying in 30305>Question Details

CK, Both Buyer and Seller in Atlanta, GA

I am interested in purchasing a property that was foreclosed, according to the tax records, on June 9, 2010. The bank that currently owns the

Asked by CK, Atlanta, GA Tue Jul 13, 2010

property is Bank of New York Mellon. This property is currently vacant. The property will probably sit vacant for a few more months until it finally makes it through the bank's pipeline. I know that, on rare occasions, foreclosed properties can be purchased before they are brought to the market. Are there any agents who have been able to successfully assist a buyer in buying a bank-owned property before it hits the market?

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Hi CK, check out current mortgage rates at http://www.current-mortgage-rates.net for your new purchase. 30 year fixed rates are at all time lows!
1 vote Thank Flag Link Tue Jul 13, 2010
CK--I know in general (especially with many of the new federal guidelines) banks are legally forbidden to speak directly with consumers about any loan other than that consumer's own loan.
There may be an agent that works directly with this bank (though it's not one of the predominent lenders in the metro Atlanta arrea), but it will be tough. If you can find out which brokerage they generally use for their foreclosure properties, you may be able to at least get a head start that way.
Best of luck, and if nothing else--try to get a jump on it the moment it goes on the market, and work with an agent that's familiar with the foreclosure process.
1 vote Thank Flag Link Fri Jul 23, 2010
I have only seen the bank sell portfolio of loans, they use asset managers to sell foreclosures
Web Reference: http://aemalazimi.com
1 vote Thank Flag Link Tue Jul 13, 2010
Hi Ck,

This can sometimes be done and sometimes not - depending on if there are legal hurdles the bank must finish before it can legally sell the property. If you get in touch I would be happy to see what I can do to help you. The following program is particularly valuable to you and anyone seeking properties sold "AS-IS".

The Wise Buyer Program provides over $5000 worth of free home structural and major systems analysis in addition to top buyer representation. There is nothing else like it in Atlanta - with this system you are more informed because you know what you are buying Before you ever submit your offer! That approach has many significant benefits - for more information, see the site below.

I would be happy to assist you with this opportunity, and show you others as well.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
1 vote Thank Flag Link Tue Jul 13, 2010
CK,

Because I sell for two different banks, I have even sold some of their inventory before it hit the market. I would be glad to try for you. It takes knowing who to reach in order to get someone to entertain an offer prior to listing with real estate. Let me know how best to reach you and I would be glad to assist you. I love a challenge.

Sincerely,
David Brower, Managing Broker
Crye-Leike Realtors
678-982-9600
david@davidwbrower.com
1 vote Thank Flag Link Tue Jul 13, 2010
A curious problem with properties that sit vacant for any length of time, is that the copper seems to vanish. Especially wiring or pipe in a garage or basement... the most obvious target being the coil in the A/C compressor on the side of the house. And often when that happens - serious damage starts to occur. Either from the renegade who turns the water on with a curb key bought from the local hardware store - or from the fact that the A/C has been off for the hottest months of the year. Houses literally come apart when they are not acclimated, and when it comes time to purchase, a lot of road blocks pop up. Unless this is a cash closing, it will more than likely fall into the 203(k) loan program - which is perfectly geared for such repairs. Outside of the Agent who will introduce you to the property, the next most important person to set foot in the house will be your HUD 203(k) Consultant... who will help you make sense of the road that lies ahead to put the place back together again.
The Consultant will work with you and your contractor to get the repairs defined, mandatory minimums met, and the HUD package in to the underwriter - as fast as possible. As the project moves forward beyond closing, they will also release progress payments to you and the Contractor -- and insure that the project is protected all the way to the Certificate of Occupancy.
~Chris Colvin
0 votes Thank Flag Link Thu Oct 21, 2010
If the home needs repairs or up-dating, I might suggest FHA's 203k loan. This loan allows you to purchase the home as is and it includes repair money for repairs that need to be done along with money for desired up grades,

I am a 203K Consultant Trainer, 203k Consultant and I own a Construction Company. We charge $150.00 for a Feasibility Study. A Feasibility Study Inspection is used to answer the question "is this property feasible" for the 203k loan. It is a quick walk thru inspection to identify what repairs must be done to meet HUD's property standards, your desired items and offer a ball park cost estimate before you have to bear the full expense of full blown Consultant Work Write Up.

You can go to the web link below for more information.

Garrett Feis Sr.
Douglasville, GA
404-925-7163
0 votes Thank Flag Link Sun Jul 25, 2010
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