Question Details

Renee,  in Gaithersburg, MD

best way to find out which foreclosure homes went back to lender?

Asked by Renee, Gaithersburg, MD Sun Sep 2, 2007

What is the best way to find out which foreclosure homes went back to lender if I was not able to attend an auction? The legal notices don't mention who the lender is. I have called the auctioneers but they don't like to answer those questions. And it is hard to get ahold of anyone at the atty's office- I get answering machines whenever I call. Please help! Thanks, Renee

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Renee ,
The Loss mitigator and the person in charge of Lender owned property`s / REO`s are usually two different people.
The person in charge of REO`s is like gold to Realtors. As a Realtor I try daily to get in touch with them. I want the banks business. A Broker I work with has over a 120 REO`s right now. That`s a lot of lock boxes.
He has been doing REO`s for thirty years.
I don`t want you to get your hopes up to far, or think that the bank is just gonna give the home away to someone else. Most bank list the property at or just below comps. They will probably list the home with a Realtor
If you find the guy in charge of REO`s give him my number.
The banks have great people working for them, be sure to have someone great working for you.
Good Luck
2 votes Thank Flag Link Sun Sep 2, 2007
Mr.P, Other/Just Looking in Arizona
I have always looked at the tax records, In AZ they are on the Internet and in these cases they get updated pretty fast.

Right now in AZ 97% of the homes auctioned at trustee sales go back to the lender.

I have used this way to find one lender before. If the home was listed with a Realtor before as a short sale before the Foreclose, call up the old Realtor he should have talked with the Loss Mitigator.
Hope this Helps
Keep me posted.
2 votes Thank Flag Link Sun Sep 2, 2007
Mr.P, Other/Just Looking in Arizona
Most of the homes go back to the lender I would think in most cases. There are some unusually cases, but this is normal. What is your goal and perhaps we can better point you in the right direction. If you just want to know about one specific property you could call the trustee's office. Depending on where you are you could also contact one of the foreclosure listing services. I'll guess you can never reach the asset manager at the lender. You will also see most of these homes get listed shortly thereafter.
Web Reference:
1 vote Thank Flag Link Mon Sep 3, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
Usually the notice of trustee sale that's posted at the front door of the property has a trustee sale # and a telephone # that you can call to find out about the trustee sale. When you call the #, you are prompted to enter the trustee sale # and if you call after the date for which the trustee sale was scheduled, then the automated message should tell you if the sale was either postponed or if the property went back to the lender. At least that's what my experience has been. If the property went back to the bank, you'd have to try to get a hold of the asset manager for the bank, not the loss mitigator. Finding out who the asset manager is can be tricky. I have in the past called the bank and was able to find out who the listing agent was going to be. It's my understanding that lenders will not sell their REOs without an agent. Thus, talking to the asset manager about the property will not really give you a particular advantage. You might as well just wait until the property shows up in the MLS.
Web Reference:
1 vote Thank Flag Link Sun Sep 2, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
Although I often say that RealtyTrac http://( does not have completely up to date infomration (same as what you saw on the tax bill), but they do list properties with Notifices of Default, in Auction and Bank Owner (REO) properties on their site which might help you in searching for those properties as they aer all in one place. .

Part of the reason why you might not see changes in Tax record so quickly is probably the service provider a while to update the tax info into their systems (I often see that in the tax records linked to our MLS)

Other than you are probably not going to get the deal of the century, you may want to be a bit careful with these properties since they are usually AS IS purchase and there is no disclosure on them. .

1 vote Thank Flag Link Sun Sep 2, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
O wow! Thanks for the swift response Patrick. I just checked the tax bill on a house that went to auction August 29, 4 days ago, and it is still listed as owned by the old owner but does have a bank name listed under mortgage name. Now what is the best way to find the loss mitigator in charge of this house? I am thinking if I look up this bank I will get a generic phone number and there are probably many branches across the US with loss mitigators...what do you suggest?
You have been a big help- thank you. ~Renee
1 vote Thank Flag Link Sun Sep 2, 2007
Thanks Bruce, Ute and Sylvia. A teacher told me to follow the homes that go back to lender and quickly jump on making an offer before it gets listed with a realtor. This works best with homes in need of repair as lender will have to clean up property in order to get FMV. They'll want to get the loss off their books asap and fixing the house up and selling it, esp. in a slow market like we have today, could take a while. So I wanted find out who the lender is right away to send in an offer quickly.

You are all a big help to me. Thanks again.
0 votes Thank Flag Link Mon Sep 3, 2007
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