If a home has been auctioned and it has gone back to the bank can I contact the bank about the property? Or

Asked by Zach, Saddle Brook, NJ Sun Jun 1, 2008

does the bank have to go to a real estate broker? This would not be an investment property.

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Andre, , Paterson, NJ
Tue Jun 10, 2008
Go to the sheriff sale and watch to see which lawyer is representing the bank/property . This is the person who will give you an answer to the 1st piece of your puzzle , they typically give you the info for their contact person at the bank or their field agent,. basically from that point it's going to be as the others up above have posted. If it's a small bank you might get lucky .

good luck
0 votes
Robert McArt…, Agent, Fallston, MD
Sat Jun 7, 2008
If the property is "bought in" by the bank. The Trustee will report the sale. Immediately the file will hit the desk of someone in their REO department. The problem at this point is that lenders have several REO departments through-out the US. The chances of you speaking with someone in that office are zero to none. Also, Linda is correct. They have a system in place for handling foreclosed properties. YOU asking crazy questions like "can I buy the property from you" in the middle of this process is like stopping the assembly line. :)
0 votes
Linda Slocum,…, , Santa Clarita, CA
Mon Jun 2, 2008
Typically the bank will contract with a local real estate agent to market their properties after foreclosure.

The real estate agent will be the bank's "eyes" in this case, since the agent will be required to verify occupancy (occupied or vacant), send pictures of the home and contents (if any), assist in evicting any occupants, clean up the house if needed, turn on utilities so the landscape doesn't die, and winterize if necessary in the colder months.

The bank will normally do some investigation before the home is put on the market again, and they also have to work to either evict the current occupants or provide them some incentive to leave voluntarily. This coud mean a delay of a month or two before the property can be sold to a new buyer.

The bank's Asset Managers will work with their local Realtor contact rather than taking calls from the general public. They generally don't have the resources in place to take calls from the public.
0 votes
Sharon Kozinn, Agent, Hillsdale, NJ
Sun Jun 1, 2008
You can try and contact the bank,but they may have an agreement with a broker that lists all their properties. You can always go through the broker when it is listed. Most banks use Real Estate Agents because they are banks, not in the business of selling Real Estate and they hire a professional to do just that.
Sharon Kozinn
Web Reference:  http://www.sharonkozinn.com
0 votes
Madeline Pre…, Agent, Prather, CA
Sun Jun 1, 2008
You may be lucky enough to find the bank information, but getting to talk to the right person is a little more tricky. I am a real estate professional/realtor with 15 years experience. I have found that the best person to be able to contact the bank is the person who lost the property. They have contact information that will help track the property until it is sold by the REO company. Many REO agents have contact with Asset Managers but they will not be involved right at the beginning.
Madeline Preheim, Century 21 Sierra Realtors
0 votes
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