Foreclosure in 50263>Question Details

Tamara Ronet…, Home Buyer in 37129

Why is it so hard to find foreclosure and short sale property.?

Asked by Tamara Ronette Wallace, 37129 Thu Apr 16, 2009

If I am financing with Well Fargo why wouldn'tthey offer a list of properties that they have for short sale or foreclosure to see if I might be interested. Seems like 2 birds with 1 stone to me.

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Tamara,

Ditto what Matthew said. And to add to it a little...with a short sale, frequently the bank (in this case Wells Fargo) doesn't even know that it is being offered as a short sale until a complete short sale package shows up with a purchase contract already in place. In addition, Wells uses a servicer for their short sale accounts (America's Servicing Company).

Find a great agent in your area who is very familiar with bank owned properties (REOs) and short sales. They are totally different beasts and having a good agent who knows how to write those offers and get them accepted will work to your advantage.

Best of luck!
1 vote Thank Flag Link Sun Apr 19, 2009
Banks don't supply property list buyers best work with Realtor who can supply you with current listings from MLS based on your specifications and lender approval amount

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0 votes Thank Flag Link Thu Aug 13, 2009
The only reason you're finding it to be "so hard to find" (pre-)foreclosures, REOs, and/or short sales is that you're looking in all of the wrong places. There are so many of them out there that you'd have to play hopscotch to avoid them.

For starters, you could check out the Fannie Mae "real estate owned" properties. You could also work with an agent who specializes in handling them.
0 votes Thank Flag Link Sun Apr 19, 2009
Consult a local short sale and foreclosure specialist Realtor to find a home. They finance homes and are in the lending business, not in the sales business!
0 votes Thank Flag Link Thu Apr 16, 2009
They are not that hard to find if you work with a local agent who has access to the MLS.
0 votes Thank Flag Link Thu Apr 16, 2009
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