Home Buying in Copiague>Question Details

nicoleg, Home Buyer in 11757

Purchasing Bank Owned Home in Copiague

Asked by nicoleg, 11757 Thu Oct 4, 2012

I have been doing research and know more information regarding my previous post.

Again, I am interested in purchasing a property in Copiague. The situation is a bit tricky and I'm not really sure what the next steps would be. The home is not listed for sale or as a REO property. Searches show it as "pre-foreclosure" online. However, I am a relative of the previous owner and know for a fact that the property was signed over to Bank of America as a "Deed in Lieu" last year. There was a reverse mortgage on the home and the mortgage is now under Nationstar. As of February of 2012 the DIL was processed. The relative who owned the home is deceased and my father was the executor of the estate. The estate is now closed and as far as I know, Nationstar owns the home.

As a relative, am I able to make an offer on the house now that it is bank owned? And if so, how would I go about doing so?

Thank you in advance for your expertise.

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BEST ANSWER
Hey Nicole. If a Deed in Lieu was done, the chances are very slim that you will be able to "legally" purchase the property. In my experience, it all depends on the bank. You can contact the bank and ask them. However I must advise you to consult with an attorney on the issue before hand. He or She will be able to answer any legal implications, concerns, or restraints concerning the purchase of a family members home that is now "Bank Owned."


I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
cbmoves.com/DeVonte.Williamson
"I Stand Behind Getting You Results!
1 vote Thank Flag Link Fri Oct 5, 2012
Before considering anything, it may be in your best interest to consult with an attorney who specializes in real estate.
1 vote Thank Flag Link Fri Oct 5, 2012
If I had the address, I might be able to assist you. In cases of distressed sales, banks usually don't allow related to parties to purchase the property. However, if the deed has already been recorded and switched over to the bank, they may be willing to do so. But, above all, you would certainly need to disclose to the bank that you were a relative. I would consult a real estate attorney just to make sure about your potential legal impllcations. If I can be of further assistance, please feel free to contact me.
0 votes Thank Flag Link Sun Oct 7, 2012
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