Home Buying in Rio Rancho>Question Details

Darlene, Home Buyer in 93308

I found a foreclosure in Rio Rancho. The bank sold it back to themselves via auction. How can I try to secure buying this house.?

Asked by Darlene, 93308 Fri Nov 23, 2012

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Hi Darlene,

David and Patrick provided a lot of good information but there is one other detail that could keep you waiting. About 90% of the foreclosures currently in Rio Rancho are owned by FNMA aka Fannie Mae aka Homepath or FHLMC aka Freddie Mac aka Homesteps, or HUD or VA. It takes up to a year or more for the foreclosing mortgagee to transfer title to the prospective government agency and see the house actively on the market.

I can navigate through the foreclosure red tape and let you know what to expect but I need some more information.

Kind regards,
0 votes Thank Flag Link Sun Nov 25, 2012
Flag Fri Dec 7, 2012
Is there a way to see if the house is owned by any of the government entities you mentioned?
Flag Sun Nov 25, 2012
Hi Darlene,

It's easy, simply go to http://www.syan.com/alerts and setup free listing alerts for this home. You'll know when the home hits the market before most real estate agents do. You can also receive alerts for all other properties that you may be inrterested in.

It's easy and there is no obligation.

Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.syan.com
0 votes Thank Flag Link Fri Nov 23, 2012
Darlene, I forgot to mention it makes a difference if you are buying for your primary residence or as an investment. On government and some bank foreclosures they will only consider owner occupant bids within the initial bid period, only opening it for investors bids if it's not sold during that intial bid period. Some offer special finance or closing costs incetives for owner occupant buyers.
0 votes Thank Flag Link Fri Nov 23, 2012
When a foreclosure goes to auction the lender can bid up to what they are owed, including interest, penalties and costs. They usually have a minimum bid set before they go to auction and if no one bids above that amount it goes back to the bank. The lender that now owns it will be putting it on the market soon. There is a redemption period of at least 30 days (it can be as longs as nine months) and after that it’ll be assigned to a broker to list. From assignment to listing usually takes about a month but can be a little longer. Once it’s listed for sale, depending on what type of foreclosure and which bank you may be able to make an offer right away or they may have a 5 to 10 day bidding period. Any offer will have to come through a real estate broker.
If you want to send me the address I can keep an eye on it and let you know when it’s available to purchase. I’ve sold about 300 foreclosures working both with the buyer and as a listing broker for a few different banks. I know most of the brokers that sell foreclosures and with the address I can probably find which bank has it and have a pretty good guess as to who the listing broker will be. I can contact the brokers that work for that lender and get a heads up when it's listed.
Unless you plan to buy cash if you haven’t been approved for a mortgage I’d so now. On all foreclosures if you don’t have your financing approved or proof of funds for a cash sale the bank will not even consider your offer. With most of my clients I wasn’t even permitted to submit and offer without proof of funds or an approval letter.
Good luck, let me know if I can help.
0 votes Thank Flag Link Fri Nov 23, 2012
The next step of the process is that the bank will secure and make the property safe and get it cleared of personal property (some banks will also clean and do minor rehab) and then they will list it for sale in the local MLS via a local licensed broker. If it is a large bank like BofA, Wells, Citi, Chase, etc... they will not consider offers at this point because they insist on the asset going through the sales & marketing process they have established, to ensure highest return, but small local banks will occasionally entertain offers at any point in the process. Contact me directly and I can set up an alert for you in the MLS so that you will know the same hour the house is listed by the bank.

David Stafford
360 Ventures Real Estate
0 votes Thank Flag Link Fri Nov 23, 2012
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