Foreclosure Purchase
my wife and i have found a house that we like. we also know that the house has been listed by the mortgage company. I have a realtor, that is having problems locating the mortgage co.! she has sent letters to who she believes owns it. how can i find out about the property . i lack the tools of wisdom on this to get results.
Go to the county court house and ask for the owner of that address. You will get the bank that bought it at auction, or the original owner if the house has not gone to sale yet. If it is still in foreclosure, the mortgage info will be in the foreclosure file. If the bank has it and you get an address, look up a number on the internet and start calling. Ask for the reo department for your state. You'll probably get transferred many times, but be persistent. Good Luck, I hope I have helped.
Or, go to the the registy of deeds. All mortgages must be recorded there. Also, the assessors office will also have the address of the owner.
[addsig]
thank you for the info. once i get the information on the company whats my next step ? Should i let my agent run with the info. don't want to miss out on a good thing by making delaying mistakes
lose the realtor, i mean, simply if you do this with a realtor, it'll cost you more. do it yourself... find the house, find the owner or bank. put a bid in and buy the house...
using a realtor does help some if you dont know what to do.. but its not really that hard.
jus a thought.
[addsig]
i'm really a newbie at this . theres a lot that i don't know ,but am willing to find out. I'm buying this home for my family.won't the agent have the tools to bargain on my behalf? Let's not forget she is the one that gave me the listing on the house. the problem that exists is the information on the owner may be incurrect. the print out ,like most offices, is from Realcomp. i've been to the house ,but never inside. the houses in the area sell for 25-30,000above the current asking price.
Don't dump your Broker, yet, Sit down with him or her or it. Its are best you can appeal to their vanity. Set a small fee to represent you on this occasion. Inform that this is obviously a learning experience for both of you, repeat both of you. look the broker in the eye as you say this so he fully understands.
If It were me I would instruct the Broker to use his representative at the title company to give you a Prelim on Title and you would like to look at the face of the Mortgage, and the Deed Issued on Foreclosure so you can peg the exact ownership. Sometimes they are in the hands of service companies who are not in ownership but are just servicing the loan.
Then having got the info post again and depending what you tell all of us, we will then direct you onto the next phase of the transaction.
Cheers Lucius
this is truly the best realestate info site i have visited. for a christmas present this year i found the owner of the property that i wanted. come to find out it 's a foreclosure. the bank has excepted my offer, plan to close soon. the best part, trust in the Lord with ALL thy heart and lean not to thy own understanding! the house is valued 26,000 over the bid i submitted. thanks to all that responded to to my questions. a truly Wisdom4living experience. [ Edited by wisdom4living on Date 12/28/2003 ]