An approved purchaser contracted to buy a property but the seller lost property to foreclosure

Asked by Michael, New York, NY Tue Jan 26, 2010

before the sale was completed, if the bank is willing to renew or continue with sale how would purchaser communicate this to lender to reestablish or renew sales contract and or lenders approval

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Tue Jan 26, 2010
Michael unfortanately it isnt as easy as picking up a phone and being able to reach someone at the bank who would have the sense to say hey there is an interested buyer, they had an offer and we should sell it to them. When the bank buys a property back at foreclosure, ithe property goes to their reo department who works with an asset management company to lsell their properties. Once the property is assigned to an asset management company, it is then assigned to the asset manager in that company who works in yoru area. They then will assign the listing to an approved and local real estate broker. The property is secured, cleaned out, appraised and then placed on the market. unfortanately the old offer is dead, the bank wont renew or take over it. You will need a new offer with teh specific forms the bank uses. The one pointer i can give to you is to check the property daily, once it is assigned the broker will post a notice on the door with a contact name and number who will be able to assist you with a time frams and putting in a new offer. good luck
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William Squi…, Agent, Naperville, IL
Tue Jan 26, 2010
The property will most likely be assigned to there REO dept. If you know who the Lender is, call there customer service line and ask for there REO dept. Once the home gets assigned (1-2 Months) they will most likely tell you who the listing agent is going to be.

Good Luck.

William Squires
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