4446 Hickory Pt Ellenwood, GA 30294 FORECLOSURE - BANK OF AMERICA

Asked by Arkla, Atlanta, GA Wed Apr 24, 2013

HOW CAN YOU BUY THIS PROPERTY FROM BANK. IT HAS A LOCK BOX, ITS BEEN SITTING FOR AWHILE NOW. I CALLED BANK OF AMERICA, & THEY STATE THEY DON;T OWN PROPERTY???? BUT....TAX PAPER SAY DIFFERENT...PLZ HELP

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Apr 24, 2013
You would need to contact your Buyer's Agent and have them submit an offer to the Listing agent. The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203K Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. You would have to have Buyer’s Agent represent you in the transaction. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

There is a set process that every REO seller has and uses for each and every property that have. Generally, an REO property will not be listed for sale when there are pending title issues. Also, the seller may be planning to make repairs to bring the property up to minimum property standards so that a buyer can obtain a mortgage. Sometimes, the seller will hold the property off of the market when there is a surplus of inventory. Doing so prevents further depression of the housing prices. There could also be an eviction that needs to take place. Very often, the property could already be assigned to a Listing Agent, but just not quite ready to enter into MLS and place the For Sale sign on.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.


Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Craig Levine, Agent, Marietta, GA
Wed Apr 24, 2013
Bank of America has probably sold the loan to another company, and in the process the home may sit there for a while untouched. Have you noticed a crew mowing the lawn and servicing the property on a regular basis? They may be able to help you determine which agent has this as an assignment. We can set you up with a search that will notify you as soon as this listing hits the market and then you can make an offer. Interested? All my contact information is below. Call my office and talk to Alexis; she'll help you research who you need to talk to and she will follow up with them until the property is listed. Be in touch and thanks!

Best wishes and looking forward to working with you,


Craig Levine
Realtor Serving Thousands of Clients Since 1994
Associate Broker in Georgia and Florida
Graduate of the Realtor Institute (GRI)
Certified Luxury Home Marketing Specialist (CLHMS)
Certified Distressed Property Expert (CDPE)
Accredited REO Agent (AREO)
Short Sale and Foreclosure Resource Specialist (SFR)
Real Estate Property Management Specialist (REPM)
Top 1% of Realtors Nationally
Non-Performing Asset Specialist
Member REOMAC (wait list), FiveStar, Equator Gold Certified, RES.net AMP Professional Certified, REOConnection, REO Network


RE/MAX Greater Atlanta (Atlanta) - Associate Broker
Southern Disposition, LLC - Broker/Owner
Baywalk Real Estate (Destin/Panama City Beach, Florida) - Broker Associate

678-784-4493 (Office)
678-898-4001 (Cell)
888-8-LEVINE (Toll Free)
678-301-3804 (Fax)

Visit Our Arsenal of Award-Winning Real Estate Web Sites:
http://www.CraigSellsHomes.com
http://www.AtlantaMansions.net
http://www.AtlantaForeclosures.net
http://www.GeorgiaHomes.me
http://www.GeorgiaRealEstate.ws
http://www.RealEstateGeorgia.info
http://www.GeorgiaReoAgent.net
http://www.GeorgiaShortSale.net
http://www.AtlantaForeclosurePrevention.com
http://www.AtlantaHomesAtlantaRealEstate.com
http://www.MyDestinHome.com
http://www.FloridaShortSale.net
http://www.DestinShortSale.net
http://www.EchoMill.com
http://www.BearItAll.net
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more