Foreclosure in Memphis>Question Details

C, Home Buyer in Memphis, TN

how do you find out the name of the bank for a bank owned property?

Asked by C, Memphis, TN Wed Dec 31, 2008

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6
In order to find available bank owned properties (REO's), you will need to contact a local Realtor. The Pfund Group does handle these properties for a large mortgage company. If we can be of any help to you, please contact me directly at 901-210-6150, or send me your contact information and I will get in touch with you. Best of Luck.
0 votes Thank Flag Link Wed Dec 31, 2008
My business partner and team member of 12 years is a REO pro in Shelby County with us selling over 100 bank owned properties per year. Danny understands the process and can navigate you through if buying a property is your goal.

Just about all bank owned properties will be listed at some point with a local agent. We represent several large banks and ALL of the REO departments are out of town - none of these departments are located where the bank's main head quarters are - cookey, I know. So, it can seem like a lost cause trying to find out info on your own, especially if you contact the local bank direct - they will look at you like you have 2 heads!! Get a reliable Realtor who specializes in this type of transaction - IT COST YOU NOTHING!!! The bank has already set the commission into the listing even if you could negotiate directly.

However, if you have a beef with a particular property and are trying to contact the bank that is the current owner to remedy a certain problem that has not been listed yet, then go to your tax assessor's site. See who is in title, then go on line to see if they have a website and contact them through email and let them know whatever the problem is (i.e. overgrown grass, evidence of a fire, squatting, bursed pipes, etc.). Even if the property is being sold wholesale out as a block (multiple properties sold to another bank or holding company), you have notified them that there is a problem. They may not return the call/email but they will correct the problem.

If you would like to discuss your situation, please feel free to email us. We are here to help.

Best always,


Jo Shaner
0 votes Thank Flag Link Wed Dec 31, 2008
I would suggest the Shelby County tax assessor's site, however, it is highly unlikely that a bank would deal directly with you in a purchase. It would be best to get a Realtor involved. The bank probably already has an arrangement to list its properties with a local company. I work in the Memphis market. Please let me know if I may be of assistance.
0 votes Thank Flag Link Wed Dec 31, 2008
C.

As previously suggested I am a real estate professional in the Memphis area, if you will send me the address I will try to help you out.

Gerald Williams
BenchMark Realtors
gh_williams@yahoo.com
0 votes Thank Flag Link Wed Dec 31, 2008
C,

The best source for this information, is for you to be in touch with a real estate professional in the Memphis area. They should be able to assist you.

Good luck
0 votes Thank Flag Link Wed Dec 31, 2008
From our MLS in Florida there is a link for the tax roll. That is where I find the bank information.
0 votes Thank Flag Link Wed Dec 31, 2008
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