Foreclosure in 30331>Question Details

Jennifer Lop…,  in Atlanta, GA

What bank has 310 Easton Drive SW Atlanta, GA 30331 and how long has it been in foreclosure?

Asked by Jennifer Lopez, Atlanta, GA Tue Aug 5, 2008

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It looks like there is a foreclosure at 210 Easton Dr in the Versailles Subdivision. It is listed by Bill Chase with Solid Source Realty. It looks like the Foreclosure Deed was signed over to Household Realty Corp back in May.

Hope this helps.
0 votes Thank Flag Link Wed Aug 6, 2008
Kelly,

Thank you for your answer. It has been my experience that the loss mitigation specialist at many banks rotates every 45 days - so one may be interested in price whereas another may be more interested in moving the property. So, no I am not worried about being cut out, I just have quite a bit of experience working as listing agent on bank owned and representing buyers on reo. There doesn't seem to be a lot of consistency. They will reject an offer and then within next 15 days drop price to below that rejected offer. Granted some banks consistently take longer to respond than others. I also have not seen any bank looking to finance their reo properties, so I do not see that strategy winning offers. Right now they are looking at how much $ down and what a buyer's scores are. A growing # of banks want to see more than a qual letter before approving an offer. I just had EMC call my buyer's lender to verify their qualification.

With more property in inventory than there are buyers, how can we realtors be worried about being cut out of a sale?? We offer so much more than finding a property and writing a contract.

I would just recommend anyone wishing to go after short sales or deal directly with the bank have lots of PATIENCE.
1 vote Thank Flag Link Sun Aug 10, 2008
I'm not an agent, but I've done my own research on foreclosures (because I don't seem to find agents that know how or chose to). Have you checked the GSCCCA website? If you are not familiar with it, it lists all documents including foreclosure deeds. It's not the easiest to navigate, but I find it pretty useful in finding the information you are seeking.

As for Joan's response...As a buyer, I can't speak for others, but when I look at foreclosures, I am always interested in knowing what bank owns it so that I can do further research, like check out their website, look at their REO listings which many of them list on their site (i.e. Chase). If a bank is one of the large (but not mega) banks and has lots of reo properties, they may be willing to negotiate. Also, banks (last I checked) are not trying to be in the real estate business - though that's where many of them are finding themselves right now. To me, this information is also valuable if you are looking for financing and don't have an allegiance to a lender and only want a competitive rate. A buyer may have a better chance of getting an offer of less than full price accepted if the current owner has the potential to recoup some previous losses by servicing the next loan. I don't believe that buyers are looking to negotiate directly, but then again, I know people that have done it in the past, so if it works and gets you (buyer) the best deal, what's the harm? Or is it fear that agents will be cut out of the commission?
0 votes Thank Flag Link Sat Aug 9, 2008
why do people want to know what bank has a property? They have an entire loss mitigation department and oreo department that properties must go thru. Certain losses must be filed before they will price a property for sale. Are people under the impression they can contact the bank directly to make an offer?
0 votes Thank Flag Link Thu Aug 7, 2008
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