Home Buying in Cambrian>Question Details

Tracy H, Home Buyer in Saratoga, CA

Is there any way to buy a bank owned home, as is that has been off the market for over a year?

Asked by Tracy H, Saratoga, CA Fri May 20, 2011

Foreclosed home went to auction 3/10. Bought back by bank ( B Of A) . House is still sitting around, We called no answer when it might go to market. meanwhile, lot is weedy and vandals partied in it.

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If your interested in this particular area for purchase, any one of us here can assist your interest fairly easily. If you are interested in this particular property and the bank has not released it on the market, that is called shadow inventory and fairly common with bank foreclosures. Andrea is quite right by suggesting the call to city office to report. The lack of care for the property decreases value for the neighborhood and the particular house. Not good for anyone.

Kind regards,
Christopher
0 votes Thank Flag Link Fri May 20, 2011
Most B of A bank possessed inventory has assigned to a REO realtor. I am aware of a dz or more properties belonging to the lender that has not been released. The lender is behind with litigation, CFK, last min bankruptcy etc. They are supposed to take care of the front and have inspectors do the drive by inspection. Did you say March 10, 2011? I am referring to the ones bought back in 2009, 2010 which have not come on the market.
Web Reference: http://sam.shueh.net/
1 vote Thank Flag Link Sat May 21, 2011
Hi This question is over a year old. We bought a home Feb. 2012, and have been remodeling for the last 9 months! Thanks, Tracy
0 votes Thank Flag Link Sun Nov 11, 2012
I only need an address and I can give you an idea of the status and when it may be available for purchase? Let me know if I can be of any assistance with this property or any others of your interest? I can go over many financing options as well from half percent down payment with a minimum 580 fico score and up.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Nov 11, 2012
Hi, Tracy,

The reason it is called a "Shadow Inventory" is that it is not yet available for sale, but it will likely be, eventually. Just when the property will become available for sale is not public knowledge. There are many explanations for why REO (Real Estate Owned) properties don't get listed for sale immediately. Often, there are disputes that need to be resolved so the bank or lender has clear title and has the right to sell.
Also, there is such a large number of REO properties that the banks simply cannot handle the volume. If a person is interested in a particular REO property, it is understandable that one would feel frustrated at not knowing when or if the property will be listed. Unfortunately, for buyers as well as agents, those are factors beyond our control. The good news is that there are more properties coming on the market every day and your agent will be able to assist you in finding the home that fits your needs.
Happy House Hunting!
0 votes Thank Flag Link Thu Jul 5, 2012
Thanks everyone for your answers. Christoper got closest to telling me what I needed to know. Since this inventory is common, has anyone had success in buying off the inventory houses?

So, my new question is. Is there any way to buy Shadow Inventory?

I am working with a realtor, we have contacted the bank. I have not called the city, since I am not a neighbor, and I am trying to buy, I like it weedy.
0 votes Thank Flag Link Sat May 21, 2011
You should call the city and report a "blight" issue with the house. The bank can't just let it sit there with overgrown weeds, etc. Poor curb appeal de-values the neighborhood.
0 votes Thank Flag Link Fri May 20, 2011
It will be more effective if you work with a realtor and let the realtor contact the asset management department. Why are you interested in this particular house? There are other REOs and deals in Cambrian. If you want a foreclosed property, you can also check out live auction or online auction.
0 votes Thank Flag Link Fri May 20, 2011
I have 1 pending and 1 coming soon Bank of America bank owned property in zip code 95124 and numerous REO properties in different zip codes. I'm Bank of America preferred REO Broker. My name is Irene Borz, my direct phone is 408-772-1720 and my website is http://www.reo1team.com. Feel free to call me direct! BTW: together with Bank of America we do the REO Tours for bank owned properties on MLS and not only: http://www.reo1tour.com.
Web Reference: http://www.reo1team.com
0 votes Thank Flag Link Fri May 20, 2011
Hi Tracy, Your question can be addressed with a call to the appropriate B of A department. If you would like me to assist you send me the address and I will make an inquiry for you.

If it's the house I think it is there are some issues with the city that will need to be addressed. Nothing that can't be remedied though.


Michael
0 votes Thank Flag Link Fri May 20, 2011
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