T4, Home Buyer in Pelham Gardens, Bronx,...

how do you buy a bank property which is isted as a preforeclosure on the website realty trac. Not sure if this would help or not but no one lives in

Asked by T4, Pelham Gardens, Bronx, NY Sun May 16, 2010

the home.

Help the community by answering this question:


Do NOT use RealtyTrac.


RealtyTrac information is generally inaccurate, misleading, outdated, incorrect, and just plain wrong.

You say it's "listed" as a preforeclosure. I'll bet you that, in fact, it's not listed at all. I'll bet you it's not for sale. I'll bet you it's not in the MLS. And I'll bet you the "price" assigned to the property isn't within 30% of the property's true value.

Besides, a "bank property" would not be a "preforeclosure." It would be a foreclosure, or an REO.

So, how do you find foreclosures? Call up a Realtor. Any Realtor will do. Ask for a list of foreclosures. And go ahead--ask about the one you say is "listed" on RealtyTrac. A Realtor will give you accurate, complete information.

Some lenders also list properties on their sites. There are some postings--search for Dan Chase's postings--that provide lists of those individual sites. But those will be foreclosures, not preforeclosures.

So: Call a Realtor and get accurate information for free.

Hope that helps.
0 votes Thank Flag Link Sun May 16, 2010
Don Tepper, Real Estate Pro in Burke, VA
If you are looking at a RealtyTrac listing(s), keep in mind that some of the information is inaccurate and often misleading--some of the properties may have a lis pendens--notice of default--and if so, some may not be for sale yet, and some may never be if the owner satisfies the default--for the most accurate and up to date information, consult with your agent--if they are available, he/she would know or could find out.
1 vote Thank Flag Link Sun May 16, 2010
Realtytrac doesn't always offer the most reliable information. Contact an local real estate agent in that area and ask them to assist you. As the buyer, it costs you nothing, and you get representation in purchasing the property.
1 vote Thank Flag Link Sun May 16, 2010

If you are looking to buy bank owned properties it is best that you find a licensed realtor who has worked with this type of properties before. They will be able to give you the best advice on this matter.

Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966

0 votes Thank Flag Link Tue Oct 22, 2013
Don't Do IT!!! Foreclosures are among the worst buying options for First Time Buyers. Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Wed Sep 12, 2012
Dear T4,

I agree with the other agents and do not recommend that you use the information that you gathered from Realty Trac. I have dealt with several buyers that was very disappointed and paid to use the site only to find out down the road, that the information was completely misleading. The are great deals for home buyers but you should make your decision based on the correct information.

If you provide the e-mail me the address, I would be glad to provide you with any information that I can obtain regarding the property.

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Mon May 17, 2010
Typically, you do not deal with the bank on a pre-foreclosure property until you have an agreement or are in negotiations with the owner. Although behind in the payments, the mortgagor still owns the home and not the bank. If the home is not listed with a real estate person, you can try to communicate directly with the homeowner, or you can ask a real estate professional to look into the matter for you. Because short sales are tricky and troublesome, I recommend working with someone who has experience and preferably has a designation in this particular niche of the business. In the past, short sales were rarely successful, but this spring several institutions have reportedly changed their posture and staffing levels to handle these situations. Since you are not really sure how the process works, I suggest you get expert advice. If not a real estate professional, you should have a long conversation with your attorney. This is decidedly an area where experience and professionalism counts. So, I recommend you pursue this after you learn more and consult with professionals on the pros and cons of buying a short sale property. If your needs are compatible with the tribulations of a short-sale process, then you should press onward!
You might also search out blogs on "Short Sale" using the search feature on this site. Happy Buying!
0 votes Thank Flag Link Mon May 17, 2010
Hi T4,

What is the address of the property? It might be listed on the MLS. I agree with the other agents. Realty Trac does give inaccurate information and has falsely listed properties as foreclosures that are not actually foreclosures.

Robin Lynch
Keller Williams Realty Group
0 votes Thank Flag Link Mon May 17, 2010
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