I just found a foreclosure, right in my neighborhood!

I just found a foreclosure, right in my neighborhood!

There's a particular house on my street where, from what I heard, the owner just upped and moved to Florida. There were never any signs of it being for sale; no posted signs or anything for the past 8 months. The yard is now overgrown and is starting look a little run down. Doing some research with the county's records dept I found out the property just went into foreclosure last month. I live in NY So I decided to call county clerk's office to find out when this property would be going to auction. They said I would have to get that info from the bank. From reading Dean's book I thought the clerk should have the scheduled time of auction? I even tried calling the courthouse too, but to no avail.

Is it possible this foreclosure isn't going to auction? (I thought that was the natural progression) Do I have to contact the bank?

Any input would be greatly appreciated!

Sincerely,
Eric

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Foreclosure in your neighborhood

The county clerk's office usually gives all the detail about the foreclosure.If they foreclosured they must have a date set for auction. Try contacting the bank and get all the information and may be there is a possibility of a short sale in the property. A short sale with the bank will be a better option for the bank (because they would not have to the financial burden of courts, lawyers, fees and etc..) and you can negotiate with the bank a short sale which you can buy the property below fair market value.
I hope that helps.


Eric, since you live in nyc

Eric, since you live in nyc you may be able to see what is owed on the home by using acris.com. get the address and you can search for the deed and see what is owed. But if you can find someone that knows the owner( say a neighbor) Then you may be able to speak to them and find out what they owe and how much they are behind, Then ask them if they would be willing to sign the home over to you. Or give you permission to act on their behalf and work out a short sale with the bank, all IF the property is worth it.
good luck
Richie.


Hey Richie

Actually, I'm in upstate NY.

I somewhat knew who the owner was but just found out today the house is foreclosed as of a month ago.

I'm planning on contacting the bank tomorrow. However, from what you said, can I still work a deal with the owner even though it just foreclosed a month ago?

-Eric


New owner

is the Lender now since they foreclose on it month ago. Get in contact with the Lender's REO asset manager.

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


No altcamel is correct, If

No altcamel is correct, If it already foreclosed then the lender is the new owner. If its a big bank you will probably have to get in touch with their REO assets manager like he said.They don't bother with selling the properties themselves.I ran into a simular situation where the bank forclosed it went to auction and now since it was a fha loan it became a hud home. I now have to wait for them to list it.
I was told that they wont sell it before its listed.

I would move fast before it gets listed. call the bank and see if you can fax an offer to them. If you can find out what was owed on it, it may help you with determining what your offer should be and what they might accept.
good luck


foreclosures

bear with me guys I'm brand new.got dean's book 3 days ago and finished yesterday,I live in WA and so far all the foreclosures I,ve looked at(about 20 or so) seem to be priced near FMV or the have so much left owing on them that you could say they were listed at FMV. with so little room in these how is it possible to make a profit?

__________________

The LORD is for me,so I will have no fear. What can mere people do to me? PSALM 118-6


Eric

If it was foreclosed on the county should have records somewhere. There should be notices in newspapers somewhere. It sounds to me that the owner still has the right to sell until the day of the sherriff sale. Not all owners are aware of the stages of foreclosures. Alot of them just walk away. Foreclosures have tons of paper trail. So I would try contacting the attorney for the seller or seller. Dean offers his site called foreclosurealert.com. Much success.........Lubertha

__________________

"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Foreclosure properties

When a bank foreclosures on a home and nobody bids on it at the price the Lender needs or wants. The Lender pretty much pulls the property off the auction block; lists it with a REA and price (base on Broker's Price Opinion) it were they try to recover 80% or more LTV starting out before they start gradually dropping the price after a time. If the property is in a fairly decent desired area meaning its in a popular school zone &/or community. Those properties usually don't last long (depending on market location & buyer concentration) just as much as the cheap properties in a desirable area. If the numbers don't support the deal, move on to other deals & keep those properties on your radar.

jarhed wrote:
bear with me guys I'm brand new.got dean's book 3 days ago and finished yesterday,I live in WA and so far all the foreclosures I,ve looked at(about 20 or so) seem to be priced near FMV or the have so much left owing on them that you could say they were listed at FMV. with so little room in these how is it possible to make a profit?

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Foreclosure Properties

Hi,
I found a property in my neighbourhood that is forclosed also and I was talking to the agent who showed me the house.

I wanted to place an offer on it but the binder which she emailed me request that you put down the name of your lawyer, I don't have a lawyer, do I need to have a lawyer to place an offer on the house?


foreclosure properties

altcamel,thank you for the feed-back.guess what I need to do is just be a little more patient and continue looking for deals,or not be greedy,looking to kill it on every deal.Also I suppose it would be a good idea to get some buyers lined up before hand.just excited to get that 1st deal going.Have another deal I'm looking into that looks good,but,it's not a foreclosure

__________________

The LORD is for me,so I will have no fear. What can mere people do to me? PSALM 118-6


re:Foreclosure Properties

Email her back and see if you can submit an offer w/o currently having a lawyer! I don't see why or how not having a lawyer readily available on hand should stall you in being able to submit a bid on property.

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Talk about frustrating!!!

I spent the entire day trying to talk to the bank on this one. Looking at archived files, it appears the original mortgage was taken out from Country Wide. (we all know what happened to them) I Went to their website and subsequently found out the Bank of NY now owns the mortgage. Called and called all day to try to make an offer but ran into dead ends. (God I wish the bank was local!!!) This property foreclosed in June however under the circumstances, I doubt the former owner has made a payment since October 08 when they initially moved out. The only thing the Clerk says is that it foreclosed in June 09. No public records of an auction or anything. And as stated earlier, the county clerk says to contact the bank with regards to the auction schedule!!!

To cut to the chase, why is this bank not making it easy for someone to make an offer...even at FMV or what is owed on the mortgage? Is it possible that there are other liens? Does the Bank of NY use a third party to handle mortgage losses for them...if so does anyone know?

The property is in a decent neighborhood but it is starting to look run down. Why is it hard to find the correct person at the bank for letting them remove this bad debt off their books? Are there new regulations from the bailouts that are preventing them from selling in a down market? (thinking out loud) Does the bank now have enough (from the BO) to wait until the market takes an upswing?

UUUGGGHHH!!!

-Eric


re: Talking about frustrating!!!

Don't give up find out who Asset Manager is for Bank of NY. Try to get their contact information. Call Bank of NY customer service line if you know the previous Owner's name, address of the property, they might be able to connect you to the AM through them. Keep pushing at it.

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Thank you everyone

I can't give up.

Altcamel, I'm on the phone with customer service as I type. On hold unfortunately.I'M NOT GIVING UP YET!!!!!

Thanks everyone, I really appreciate your input! I can't wait until I can help someone else out.

-Eric


Eric

Did you try Deans researching on Deans foreclosurealert.com for properties in that town? Just a thought. Much success to you........Lubertha

__________________

"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Lubertha

I already got the property, and others in my sights. I just can't get to talk to the bank. Why do they want to hold on to this property? I've got cash...not the entire note but more than 20%. You would think that they (Banks) would want to get this property off their books.

-Eric


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