What can you do if the forclosure has already taken place, and you know the lender still owns the home?

Robert
Home Buyer

Answers (4)
Cindy Clark
Agent
43147

Mary Starkey gave you a good answer. I just wanted to ask if the sheriff's sale has been recorded yet? If not, the lender still does not technically own the home yet even if they were the high bidder. During this time, it is still possible to inquire about the property. I have seen banks in the past sell a property below what they bid without placing the property on the market, so it is possible. They still generally will use a realtor for the paperwork for liability issues and to price the property correctly.

Mon Nov 19 2007, 17:55
Brett Dunne
Agent
Rancho Cucamonga, CA

Robert:

I also think you might want to expand on your question, giving us a better idea of how we can help.

Mon Nov 19 2007, 12:27
Mary Starkey
Agent
Springboro, OH

If the home sold at sheriff's sale and the lender bought it back, then you may be able to contact the lender to see if you could purchase the home. However, most lenders will ask a real estate company to list and market the home for them because they do not want to deal with the process. These homes are now called REO or real estate owned homes. The lender may tell you which real estate company they are going to use. You may also contact a Realtor and have them keep you informed if the property comes on the market.

Mon Nov 19 2007, 12:20
Chuck Patterson
Agent
Columbus, OH
FIRST ANSWER

I'm not sure I undertsand the question. Do you want to BUY a home that was foreclosed upon?

Mon Nov 19 2007, 12:06

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