Home Buying in Blue Ridge>Question Details

Glormar, Home Buyer in Blairsville, GA

We're 2nd in line to purchase a forclosed home. How can we find out what bank owns the property to deal with them directly?

Asked by Glormar, Blairsville, GA Fri Aug 24, 2012

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6
Look up the property using the tax assessors records.
0 votes Thank Flag Link Sun Jan 6, 2013
If you are "second in line", you must have had contact with the listing agent. That person has to become your new best friend if you hope to keep informed about activity on that listing/property.

As has been stated, the tax record may not be recorded showing if the bank or govt. agency has taken it over, they won't talk to you directly, so the agent has to communicate with them in the manner they requested in the listing.

Don't be afraid to go to that agent to keep you posted. If the first sale doesn't go through, that agent will e looking for the next interested party. Patience is the key in working with foreclosures.

Good luck Glormar. I hope you find what you want soon.

Judy Aselton, Century 21 In The Mountains
Ellijay and Blue Ridge, Ga.
678-463-1129 or 76-632-2041 ext. 0601
0 votes Thank Flag Link Fri Aug 24, 2012
The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203K Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

To get Pre-Qualified to purchase an REO property, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Aug 24, 2012
It will not matter, you can not deal will them directly. The bank hires an asset management company who hires a local broker. You need to go through the process, you cant go around it. With bank owned sales there is no back up deals in most cases. Banks just wont sign back up offers becuase they get messy. If a deal falls through, they usually open the offer process up again to everyone. if you are comfortable with a bank owned sale work directly with the listing agent, if you are not comfortabe, get a buyer agent who is well experienced with bank owned homes to help you make the best offer.
0 votes Thank Flag Link Fri Aug 24, 2012
Do you have a backup offer submitted? Is the property listed on an MLS?
0 votes Thank Flag Link Fri Aug 24, 2012
Hello Glormar,
You can find out which bank owns the property by contacting the local tax assessor's office as they will have it on record. However; I can tell you that the bank will not speak to you about the property and will refer you to the listing agent representing the property.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Aug 24, 2012
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