DarianaNight, Home Buyer in Saint Augustine, FL

What options are there when a bank has not, and has said they likely will not, list a foreclosed property in Florida?

Asked by DarianaNight, Saint Augustine, FL Wed Dec 19, 2012

I'm looking into a property that went into lis pendens in 2008 and was officially foreclosed and purchased in auction by the original lending bank a year later. The home is still not listed with a Real Estate company as of Dec. 2012. I called the bank's corporate foreclosure office (it is a large national bank that will remain anonymous) and they stated they did not currently plan to list it and considered it "gone to ground" (their exact phrase).
Are there any options to obtain this property?
I plan to use it as my primary residence and estimate it needs around $20,000-25,000 worth of repairs to pass inspection.

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Marge Bennett, Agent, Fort Myers, FL
Wed Dec 19, 2012
Talk with the bank. You need to find someone in the department that manages their REOs. Then find out what they want, then negotiate a satisfactory price for both parties. Good Luck!
1 vote
Dawn Gould, Agent, Saint Augustine, FL
Tue Jan 8, 2013
I would contact the county property appraiser or clerk of courts.
0 votes
Gene Johnson…, Agent, Saint Augustine, FL
Wed Dec 19, 2012
Hello DarianaNight

I have 15 years of experince in dealing with bank owned properties, rarely do banks just hold onto properties, sounds like they maybe selling to a non profit orginzation or it will be part of a bulk sale. If you would like to contact us, I have a wide variety of banks as clients and I may be able to advise you more specifically if I know which bank holds the property. Hope this helps in your search for this home.

Gene Johnson
Watson Realty Corp
0 votes
DarianaNight, Home Buyer, Saint Augustine, FL
Wed Dec 19, 2012
Perhaps I was not clear enough. The bank never said they didn't want to sell it. They said, specifically, that they didn't want to list it with a Real Estate agency, since they believed the repairs required to sell that way wouldn't be a viable investment for them (the foreclosed owners were not happy to lose their home and did quite a bit of damage on their way out).
I was asking if anyone knew the process for attempting to purchase the property directly from the bank itself. I have relatives who have done so in other states, but we have never dealt with a national bank, only state-wide and credit unions, or through the State of Florida.
0 votes
John Bennett, Agent, Orlando, FL
Wed Dec 19, 2012
two prior comments are spot on.
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Dec 19, 2012
Do you thinl you can FORCE the Bank to sell the property?
Remember the cliche about teaching the pig to sing?
Is that the house for Sale in St. Augustine?
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Dec 19, 2012
The bank bought it, the bank owns it so they get to decide what to do with it or what not to do with it. Just like you do not have to sell your home, they do not have to sell their property either.
0 votes
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