Question : How do I purchase a foreclosure home that is owned by the bank?
I have found several home in foreclosure that the property is owned by the bank what is the next step? How do I find the MLS numbers and addresses? How do I find out if the price listed is the selling price? How to bid on the property?
- asked by SAM
All Answers:
Answer #1
I can help with the finanicing and contacting thebank, depending on the state. Shoot me an email tomsmith@premierloangroup.com, and let's chat!Marty
- answered by Marty S
Answer #2
Your best bet is to contact the bank that owns theproperty directly. They will put you in touchwith the agent that has listed the property forsale, if there is an agent. The agent can provideyou with the MLS number if there is one or you canlook it up on www.Realtor.com using the street andcity.Otherwise, you would negotiate directly withthe bank. If you have good credit and are notplanning to pay all cash for the property, thebank may be willing to do the loan.Are you lookingfor the addresses to the homes that are owned bythe bank? Call the bank or the trustee and ask! Where did you "find" these properties? If theywere on a website with a list of foreclosures, youmay need to sign up or register at the site toobtain that information. Often, the price listedis the amount of the loan that has been defaultedon. Not necessarily the first loan which wouldhave priority in a foreclosure sale...$10k for ahouse is usually not the sale price. Did you findthe listings on the Yahoo! foreclosure site?
- answered by KConsults
Answer #3
I could give you detailed instructions here. However, you can find most all you need at thissite
http://foreclosure-help-now.comThe keys areto make sure you inspect the proprieties inquestion. Check with the court house to see ifany existing liens are on a property. The bankswill usually have a bid format that you can use tosubmit your offer. They will show you the minimumthey will accept.
- answered by Tom T
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