How To... in 77099>Question Details

Kaye, Home Owner in Houston, TX

I would like to buy the foreclosed property next door before it gets to the real estate market. How to start?

Asked by Kaye, Houston, TX Wed Feb 8, 2012

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Gary Geer’s answer
Kaye,
You can try to contact the lender who now owns the property but they most likley will not talk to you. They have a process they go through prior to puttting the home on the market just as Don posted.
0 votes Thank Flag Link Fri Feb 10, 2012
Hi Kaye,

If the home is now back in possession of the original lender the home will be listed in the MLS with an REO agent. This ensures the bank gets a fair market value. First thing you should do is find an agent to work with so when the home does become available you will be ready to submit an offer right away. They can also provide you with valuable detailed market data and educate you so you can make an informed offer on the home when it does become available.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Fri Feb 10, 2012
Leave a note on the door and slip one through the front door.
No guarantee, but at least it will give notice.

It will depend on what bank or what agency gets the home. For example if it is a HUD home, they must put on the open market and give everyone a chance to bid.

Keep an eye on it and when you see the sign go up, have a realtor ready so you can make your offer.
0 votes Thank Flag Link Wed Feb 8, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Your Realtor needs the address to find out what bank foreclosed on it. Is there a sticker or any notices posted on the windows? If so, write down that information, too.
Most banks will list with one of there REO agents and have them put it on MLS in order to get as many offers as possible so the bank can pick and choose, but sometimes they will go to county auction first. If you want to contact the bank directly, that is fine, but your Realtor will have access to more information. Some websites will offer information, but for a steep fee. Realtors get paid by the seller, in this case, the bank.
0 votes Thank Flag Link Wed Feb 8, 2012
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