Home interested in buying is foreclosed, bank owned, how do I get in to make offer before going to auction.

Asked by Donna Walther, Barnegat, NJ Fri Sep 26, 2008

Second home I am interested in appears in foreclosure on realty trak but is not listed anywhere. Trulia does not list it for sale. How do I move in on it and make an offer.

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Jason Sandqu…, , Minneapolis, MN
Sat Sep 27, 2008
Be careful with Realty Trac, they scrape information from all over the web and newspapers. Sometimes the price is just the amount owed on the mortgage and doesn't reflect current market value. Also, information is old and they try and hook you into signing up for the 7 day trial in the hopes that you forget about the trial and you get charged for 3 mths of use before you notice
1 vote
Laura Gianno…, Agent, Manahawkin, NJ
Sun Sep 28, 2008
Please be aware that NJ has specific laws regarding foreclosure sales, which enable the buyer to get several delays in the auction date. Contact the seller directly.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Sep 27, 2008
If it hast gone to auction yet it is probabily in preforclosure. The auction is the tool used to transfer ownership from the borrower to the bank and most importantly clears the deed of past due liens such as 2 nd mortgages, back taxes, hoa fees and such. Chances are you cant purchase before auction as the borrower owes more than the house is worth. The banks will not stop teh auction unless teh borrower brongs it current, so once an auction date is set, it is too late to try and buy it before. If you do buy at auction know that the high bidder is then responsoble for back taxes, fees and liens not the bank.

Your best bet is to find a buyer broker who cas assist through each step of the buying process when buying a forclosure. You can negotiate a buyer agent contract so that it does not cost you anything extra, make sure the buyer broker gets paid their commission from the commission the listing agent offers in MLS. This way you have someoen looking out for you and that can give you assistance in finding and negotiating an offer in your favor.

There are some tips you should follow when buying a foeclosed home, make sure you do your inspections prior to bidding. you will not be able to renegotiate after the bank accepts your offer and the property is sold as is so you can not back out if you find something after you sign. Make sure your deposit is at least 1% of the sales price and in the form of a bank check. Make sure your financing is in order as they will require you to close in 30 days from acceptance and you will want to include your pre approval letter with your offer. Dont ask the bank to fix anything or put any contingincies in your offer. Lastly dont change or cross out anything on the bank addendums. A good listing agent should get an answer for you with an hour to 3 days. It shgouldnt take more than that to get an answer unless your offer is way under asking price and the asset manager does not have authority to answer an needs to get approval from higher ups.

Good luck with your purchase
Web Reference:  http://www.ScottSellsNH.com
0 votes
Marc J Willi…, Agent, Whiting, NJ
Sat Sep 27, 2008
Donna call me now 732-778-9933. its 9:10 AM sat. I have appointments all day but i will talk to you.
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Sat Sep 27, 2008
Hi Donna, RealtyTrac.com is not always up to date. You can research the property through the Ocean County Clerk's Office website, www. OceanCountyClerk . com, then click on public records. It is possible the property is not yet available because the bank hasn't actually foreclosed. Even if it is listed for foreclosure, the homesowners have 3 thirty day extentions.

I am currently negotiating 2 short sales in Manahawkin, which are showing up as foreclosures on RealtyTrac.com. That means the bank will never take it to a sale, if they reach agreement with the buyers & sellers. Instead the will sell short of what's owed .

If you'd like info on the property you're interested in, please contact me via email at Laura-G@KW.com or at 609.384-6121. I'd be happy to provide you with the info on that particular property. No hard sell, if you'd like to proceed on your own, I'll give you the info you need to do so.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 27, 2008

Our advice is to get in contact with a local Trulia agent who will be able to lead you through the process step by step.

It appears that you have some important information that will help you get started within this posting.

If this doesn't work out contact us, we would be happy to refer you to a top area agent.

Good luck,
The "Eckler Team"
Michael Saunders& Company
0 votes
Marc J Willi…, Agent, Whiting, NJ
Sat Sep 27, 2008
Donna, i will be in my office, Crossroads Realty, 500 Barnegat Blvd, (behind the WAWA) on Sunday after 1:30. I am the manager and can get 'some' of the information you may be looking for.
I handled over 1000 REO (bank owned properties) over a 7 year period. The information you are looking for is easy to find BUT getting to the person who can make the decision at the bank is not. I will help you, no charge. Call me today or tomorrow 732-778-9933 (my cell #).
0 votes
Heather Rubi…, Agent, Holmdel, NJ
Fri Sep 26, 2008
Hi you need an agent that covers that area, and they will be able to get you all the information you need to make an offer. I do not cover the area you are in srry or i wld help. area coverage Middlesex/Monmouth/Ocean
Thank you,
Heather Rubino
Web Reference:  http://heatherarubino.com/
0 votes
The Hagley G…, Agent, Pleasanton, CA
Fri Sep 26, 2008
So the first home has been on the market as a bank owned home, it didn't sell, and now it's going to auction, correct? The current listing agent should be able to assist you by providing auction contact info.

Realty Trac can be deceiving for consumers......some homes show up in "pre-foreclosure" even though the notice of default has already been satisfied. If it appears as a foreclosed home but it's not yet on the market...it takes several weeks for the bank to get it marketed and listed. Since lenders aren't licensed agents, they'll select an agent to represent the property for them.....keep your eye on the MLS. Lenders will not work dorectly with you. I hope this helps!
Web Reference:  http://www.cindihagley.com
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Fri Sep 26, 2008
Contact your local Realtor who will research the current status of the home. If the home is in the foreclosure, that court-related process will have to be completed before the home is available for offers. Buyers can make offers on short sales, however, so be sure that the home is actually in foreclosure. The county courts or the tax appraiser may be able to assist you in learning what stage in the process it now stands. You also might be able to find information about the home on the website of the bank that holds the mortgage.

As soon as the bank is declared the owner of the property, then the bank will list the home with their real estate agent for sale, and you can bid on it then. Typically the bank will set an asking price and wait for offers for 45 to 60 days before they will consider lowering the price. Their time frame may accelerate near the end of the year to clear homes off the books though. After the bank receives offers for the home, they will hire an appraisal of the property and negotiate with the best offer on the table.

Be sure that you understand the property will be offered "as is" and you are advised to hire a professional inspector for that purpose. Good luck with this purchase.
0 votes
Gina Chirico, Agent, Fairfield, NJ
Fri Sep 26, 2008

Confused on your question regarding the first home - if it is foreclosed upon and bank owned - the auction took place and the bank took back ownership. If its still in pre-foreclosure status, the home will go to auction. You can go to the County website in which the home is located and provided you know the address and/or owner's name you should be able to perform a search. I know with Essex County only the homes up for auction for that week are listed so you would have to check back week to week. Again, if you know the address, you have the option of contacting the homeowner directly.

Regarding the second home, what is the status - REO or pre-foreclosure. A pre-foreclosure doesn't always mean the house is available for purchase. The owners may have defaultd on their loan but could have made other arrangements with the lender such as a workout, loan mod or even cured the default by paying what was past due. Again, if you know the address, you can contact the owner directly.

I'm not in your area so I cannot assit you in purchasing a foreclosure home but you should find a buyer's agent with experience in REO/short sales.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 office
0 votes
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