If a house goes into foreclosure and no one buys at the auction, can I start negotiating with lender

Asked by Fredman, San Diego, CA Mon Mar 3, 2008

immediately, or do I have to wait for the lender to list the property on MLS first? My realtor won't give a straight answer on this one. I'm interested in a property in default. The owner won't short sell. I don't think it'll sell at auction either. My question is, how can I make sure I'm first in line to negotiate with the lender? I'd like to do it before the property gets re-listed.

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Michael Ford, Agent,
Mon Mar 3, 2008
if the home goes to sale and is not bought by a third party it will go to the lender on a credit bid...then they own it...REO departments are tough to negotiate but there's nothing to stop you from trying...

if you can find someone who can deal on the house go ahead and let them know you have an offer and want to deliver it...they MAY talk with you but will more likely direct you to their local broker, either way you are first in line.

good luck...and for fun, go down to the auction...big fun and a great educational exercise.
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Jim Walker, Agent, Carmichael, CA
Mon Mar 3, 2008
Most agents have a computer robot that will automatically email you when a particular property is placed on the MLS. The robot can be programmed to email you for just that property or the whole street. To make sure you might try to have the robot programmed to notify you even it the property is listed incorrectly ( like wrong zip code ) on the mls.
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