Home Buying in 92253>Question Details

Desertdream, Home Buyer in 92253

What do you do if someone is living in a bankowned home you are interested in?

Asked by Desertdream, 92253 Mon Jul 2, 2012

I went to look at a house my friend told me was a bank owned property. I was told to go away by someone living there. Are you doing lease purchase or renting bank owned homes or are these people trespassing?

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6
You may think it is a bank owned home; but perhaps it was a tenant living in a house where a notice of default has not yet been filed.
0 votes Thank Flag Link Thu Dec 5, 2013
What do you do? That's easy, you contact a Realtor and wait for it to be put up for sale. Why on earth would you go poking around there anyway? What if they had just broken in and now you show up as a potential victim or witness. I don't want sound rude but I come across this all the time. Please, please, please don't go looking at homes without a Realtor to assist you. It could be potentially dangerous.

Several months ago, I drove up to a vacant repo home that was assigned to us. I was there to do my monthly report and take pics for the bank. Our For Sale sign had been up for several weeks but it wasn't listed yet and wasn't going to be listed for another couple months more. When I pulled up, I saw a male figure pass by the window of the upstairs bedroom. The key was still in the combo and the front door was still locked. Since no one else had the combo but me, I assumed it was a trespasser so I called the police and patiently waited in my car for them to show up. The Fontana cops were there quickly and had the two gentlemen cuffed and on the curb in a jiffy. When they explained their story, I didn't prosecute for trespassing and merely told them they were stupid for entering the vacant home. Then the cops took their turn in yelling at the two for nearly getting themselves shot. You see, apparently, someone else had already busted a window and left the rear slider open. These two home-searching knuckleheads assumed, since there was a sign out front, they could just go on in and look without a Realtor. I totally believed their story but the cops still put their names down in the police report.

You really don't want to go poking around someone's residence. I spend much of my time every month making contact with residents of newly foreclosed homes on behalf of the bank. Sometimes it's a tenant who doesn't know of the foreclosure and sometimes it's the former owner. Either way, it's embarrassing for all and I can imagine how embarrassing it was for you as well getting kicked off the property. You shouldn't be checking out homes without a Realtor to help you. First of all, if the home is still occupied by the former owner or tenant, you don't want them calling the police on you. And if it's a squatter, that could be very dangerous for you.

There are numerous issues with distressed properties and you need to get with a Realtor if you're really serious about looking for a home. Good luck!

Ray Wright
Keller Williams Realty
0 votes Thank Flag Link Wed Jul 4, 2012
Some people in bank own homes are tenants. Some the banks are trying to get an evictions. I would not approach bank owned homes because you are trespassing yourself.
If you want a bank owned property you need to wait until it hits the market.
I have a banked own property and it's been a year of back and forth to get them out.
0 votes Thank Flag Link Tue Jul 3, 2012
The best advice is call an agent in the area of this home is is a certified Distressed property expert who has the staff to handle all the issues surrounding Distressed Properties, If it is a solo agent with no support staff be careful. Call the agent for two reasons 1. They have access to information you do not and can tell you everyhting you need to know about the distressed property. Agents want to help buyers willing to help clean up the Distressed properrty mess in America and if you are patient you will be rewarded. 2. WE COST YOU NOTHING. You cant negotiate or get a better price without an agent.
Yes you are tresspassing and please watch out for your personal safety.
Don
0 votes Thank Flag Link Tue Jul 3, 2012
If the property is already foreclosed on you have to wait until the new owner (lender) has evicted the old owner of the property. Check with you local title company or with the county recorders office who owns the property
0 votes Thank Flag Link Tue Jul 3, 2012
Either they are still in Foreclosure and you are looking at a Shortsale, or
You are looking at Squatters or the Old Homeowners who are still living there.

If the House is Listed on the Local MLS, then there will be a Realtor that you can talk to about it.
If the house is not Listed, then you should probably walk away; it wll be a problem; don't make it YOUR problem.

Good luck and may God bless
0 votes Thank Flag Link Tue Jul 3, 2012
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