Is it possible that a house just purchased on Jan 4, 2008 is already bank owned? I looked at a bank-owned

Asked by Mark, New York, NY Tue Jun 3, 2008

house today, and that is when Trulia says it was purchased. Can someone explain this? I thought this was not enough time for a bank to foreclose, expecially on a house just purchased.

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Jess, Home Buyer, 92530
Mon Jun 9, 2008
Most likely Don is correct. January was the date of forclosure. For whatever reason (banks backed up? eviction process?) it is just now being listed.

I've seen that alot out here in California.
0 votes
Michael Rich…, , New York, NY
Mon Jun 9, 2008
It may not be impossible, but it is highly unlikely. If true, it means that the borrower never made the first payment, the bank started the foreclosure immediately upon the payment being missed and completed the foreclosure process in the minimum amount of time without hitting any snags or problems.
Web Reference:  http://herndoneagleton.com
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Don Tepper, Agent, Burke, VA
Sun Jun 8, 2008
The answer may be that January 4 was the date of the foreclosure...when the bank "purchased" the home, perhaps at auction. I frequently see that in tax records. For instance, John Smith purchases from Bill Jones on July 1, 2006. Bank of New York purchases from John Smith January 4, 2008.

Check the underlying tax records, if they're online. You may find that that's the situation.
0 votes
Joanna Lane, Agent, Cutchogue, NY
Sun Jun 8, 2008
More likely it's human error in the data entry somewhere down the line. Could be at Trulia, or whatever source they are taking the feed, or further back. If you are interested in the property, you need to go to the horse's mouth, which is the deed at the Public Records Office in the County in which the property is located. If you're viewing at a distance, a local Realtor can pull the records for you. My guess is the date is probably 2007, not 2008, something like that anyway.
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Joanna Lane, Agent, Cutchogue, NY
Sun Jun 8, 2008
More likely it's human error in the data entry somewhere down the line. Could be at Trulia, or whatever source they are taking the feed. If you are interested in the property, you need to go to horse's mouth, which is your local County Public Records Office. If your viewing at a distance, a local real estate agent will either already have the information, or can pull the records for you. My guess is the date is probably 2007, not 2008, something like that anyway.
0 votes
Joanna Lane, Agent, Cutchogue, NY
Sun Jun 8, 2008
Much more likely it's an error in the data entry, either at Trulia, or whatever source they are taking the feed. Double check it at your local county records office, the date is probably 2007, not 2008, something like that anyway.
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Mark, Home Buyer, New York, NY
Tue Jun 3, 2008
but wouldn't the bank who gave this buyer the loan have made sure that the buyer was financially secure before lending against the property, especially given the current market conditions? Also I would think they would have required a decent downpayment.. I just find the scenario you described to be strange, not to make any payments right off the bat...
0 votes
The Hagley G…, Agent, Pleasanton, CA
Tue Jun 3, 2008
If the seller made no payments, they may have received a notice of default in mid Feb....they would have had 90 days to bring the account up to date...which would be mid May.....it would be tight, but it is indeed possible.
Web Reference:  http://www.cindihagley.com
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