Home Buying in Beverly>Question Details

Matthew Jaco…, Home Buyer in Chicago, IL

I am interesting in buying a REO home in east Beverly.

Asked by Matthew Jacobs, Chicago, IL Sat Oct 13, 2012

This house was taken off market early last year and I wanted to contact the bank it's owned by to find out an estimate of when the house will be back on the market. We have been unable to tour the house or ask questions about even though we really like it from what we have seen from the outside. Looking up the deed to the house we found that it was is owned by Wells Fargo Bank NA as trustee of Securitized Asset Backed Receivables LLC 2005-FR5 Mortgage Pass-Through Certificates, Series 2005-FR5. Yet, as Wells Fargo is the trustee, are they really the owners?

What I really want to know is who I go to inform them of my interest in this property?

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Answers

15
Theres nothing you can do unfortunately until the property is listed. There is no way of really knowing when the bank will put it on the market either. An agent can set up a search for you in the MLS for this property specifically so when it does become available you will know immediately.
0 votes Thank Flag Link Tue Jan 7, 2014
YEAH A LOT OF THE HOMES ARE LIKE THAT
0 votes Thank Flag Link Sun Jan 5, 2014
Have an agent look on the MLS for you!
0 votes Thank Flag Link Mon Oct 29, 2012
Work with a Realtor who will help you identify properties that are available. Should you need any help, let me know.
0 votes Thank Flag Link Fri Oct 19, 2012
I talked with the Wells Fargo REO office and was directed to Bank of America REO department who is the servicer of the property, it seems that the property is no longer an REO even though BoA is still servicing it and that it has returned back to the homeowner. I guess I should have seen this as the property taxes according to records are still being mailed to previous homeowner, even when the house was an "REO". They advise me to talk with the homeowner about the sale of the house, which I shall be seeking to do.
0 votes Thank Flag Link Wed Oct 17, 2012
Matthew give me a call i may have a property for you.

Tony
708-942-7039
Flag Fri Oct 19, 2012
dive by the house and ask or write the number down on the sign other wise your not buying it
0 votes Thank Flag Link Sun Oct 14, 2012
I have visited the house twice and no there is no sign, but that is not unusual as Beverly usually frown on realty signs in the neighborhood. There are lots of houses there that are for sale but have no signs because for appearances sake. There is no one to ask as the house is vacant, and a company goes by every month or so to check to make sure of that.
Flag Sun Oct 14, 2012
The thing is that the house HAS gone on the market since it became an REO back in 2009-2010. It was on the market until about January of last year and the listing was then canceled. It's been off the market now almost two years and I'm concerned that it won't go back on the market at all in the foreseeable future. I've been checking banks' REO sites, as a lot of times they have properties that are coming soon, but not yet listed, but have yet to find anything.
0 votes Thank Flag Link Sun Oct 14, 2012
Your best bet is to contact a real estate broker who has access to all properties, including REO properties. A broker can research the property for you and to walk you through the steps necessary to get the property. Jacquelyn, All Property Realty.
0 votes Thank Flag Link Sun Oct 14, 2012
I might have to find another realtor. I have talked to two who would only tell me that the property was off-market/ not for sale. I was able to find out much more about the property myself by simply using the internet and going to city hall, not having access to MLS, myself. However, at this point I have become stuck.
Flag Sun Oct 14, 2012
I have very good friends in the Beverly area and may be able to help you considerable. Send me an email at jmichaels@remax.net to discuss
0 votes Thank Flag Link Sun Oct 14, 2012
I've got a house available near Beverly. Contact me for more information.

Thanks,
Tony Guisto
Solid Solutions Real Estate and Investments, Inc.
708-942-7039
redhotrei@hotmail.com
0 votes Thank Flag Link Sun Oct 14, 2012
These banks are not set up to talk with individual potential buyers. Their system is too complex. Eventually it will come back on the market.
0 votes Thank Flag Link Sun Oct 14, 2012
Banks won't tell you much on when the property will hit the market. The bigger banks have servicing companies that handle all their foreclosed properties which means you wont get far asking them either. Best thing to do is hire a good buyers agent have him keep an eye on the home. If and when it does you better be ready to make an offer along with proof that you either have the money or qualify for a loan. Good luck!
0 votes Thank Flag Link Sat Oct 13, 2012
Hello Matthew, you need a good realtor. I would like to help you with your search, please give me a call.

Clara Clark
773-564-4266
Coldwell Banker
0 votes Thank Flag Link Sat Oct 13, 2012
You will have to wait till it comes on the market. You won't be able to buy it till then.
0 votes Thank Flag Link Sat Oct 13, 2012
The Bank will not talk to you.
The Bank will not talk to anyone, until it ready to LIST the property.

When they LIST the property, your Realtor will see appear in the MLS.
Then, and only then, will you be able to see the house and make an Offer.
Then the Bank will have their Agent sit on all offers for 7-10 days; so there will be no advantage in being the first, or trying to jump the gun.

Good luck and may God bless
0 votes Thank Flag Link Sat Oct 13, 2012
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