How does a person find out who the lender is and deal with them?

Asked by Bud Ski, Tavares, FL Sun Jan 25, 2009

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Paul Welden, Agent, Scottsdale, AZ
Sun Jan 25, 2009
HI Bud,

For properties that are bank owned, the bank isn't actually the one responsible for selling it. Banks hire Asset Management companies to dispose of their properties. These Asset Mgmt companies are the seller & as such hire REALTORS to list the properties.

But in this case for this property, it's a short sale. The only people to know for certainty who owns the mortgage note will be the listing agent, your buyer's agent, the seller & the mortgage servicer (who could also be the one who owns the note). For this property, Citibank is the bank that is foreclosing with $589,500 owed to them and an auction date of 2/17/2009. But you will not be able to speak directly with the bank to get any information from them because the bank is not allowed to tell you anything. The seller has to give written permission to the bank allowing you to get access to information. But you still have to have a purchase agreement with the seller to buy the property, even in it's pre-foreclosure stage. The bank won't deal directly with a home buyer without the seller's permission.

You'll be best served by allowing a buyer's agent to assist you through the complicated ordeal of buying a home.

Buyer's Agent
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Carlos Ramir…, Agent, Mesa, AZ
Sun Jan 25, 2009

It is fairly easy to find out who the bank is, but you will not be able to deal directly with them. On almost all short sales and REOs you will have a Realtor that has been hired by the seller to represent them.

You can try to deal directly with the Realtor representing the seller, but you need to be aware that his job is to represent the seller and his duty is to look for the best interest of the sellers - not yours. Dealing directly with the seller's agent will not save you money and in the long run you might end up paying more for the property (since you will not have an agent getting all the comparables and all necessary data to get you the best deal). In addition you might not get their better terms in some other areas.

Good luck!

ABR - Accredite Buyer's Representative
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Teri Ellis, Agent, Mesa, AZ
Sun Jan 25, 2009
My recommendation, work with a Realtor to help you in any lender owned property. They are the experts.
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