hello, properties that are listed initial in default, how can i get in contact with the bank that own it or the person in charge of such properties
(0) | asked by: gessica st louis | share | 24 months ago | Report
2500 characters left
Answer Tips: Share your knowledge. Be on-topic . Refrain from self-promotion.
* Refer to our community guidelines.
* Refer to our community guidelines.
Viewing Answers 1 - 10 of 10
That is unrealistic, If you have all cash on hand, better wait until the property goes into auction, if the property does not get sold at the court house then it could go into REO status, then get help from a Realtor to send an offer, at this point you could even get financing to buy the property, just need to get pre-approved for a mortgage by a mortgage broker or lender.
There are great answers by all agents. Initial defaults means nothing until lender doesn't finish or completes the foreclosure process in Florida. You may contact the person or entity loosing the property but be careful with privacy laws.
Well said by Realtor Dan Tabbit! I wouldn't doubt that a distressed homeowner that ends up having a "vulture" investor enter on their property and gets shot and killed via Florida's STAND YOUR GROUND rules will have the victim's families go after websites that advertise these type of properties!
Gessica, When a home owner is in default, they are still the home owner. If you want to pursue these homes, you have to contact the owner directly. If they have equity or can break even, they may see you as an alternative to going on the market or foreclosure. Most will not great you happily and don't want to open their financial situations up to a stranger. I don't like that these listings get published. I find it fraudulent to the degree people believe they are available for purchase when most aren't. People in financial distress may find interested investors buzzing around like vultures hoping to steal their homes. You need to tread very lightly if you pursue these and realize it may not go well.
Banks do not sell to individuals. Even if you can pay ALL CASH you must WAIT until the property is listed by a local Realtor and then most likely bid against 20 other buyers if you're looking under $200k. If you're a risk taker and are willing to pay money up front for a title search and legal opinion then you could bid at the foreclosure auctions that occur online. You MUST pay ALL CASH immediately and there is no right to inspect and you may have to do legal work to evict the owner and/or tenants and clear any liens against the title. Even these courthouse foreclosure auctions are getting prices sometimes above what a property may appraise for. Really the only bargain opportunities right now are Pre Foreclosure, Short Sales and only if the loss mitigation managers and/or bank's appraiser/Realtor allows a below market sale. Otherwise expect to pay full retail if you're only able to buy with a mortgage!
Hi Gessica, If a property is only in default the owner has 100% control over the property. An owner may get the free money from the Hardest Hit Fund if they qualify, do a short sale, or do nothing and in a couple of years it may eventually get foreclosed. Banks do not sell to individuals. Banks (after they actually own it via foreclosure) will list it for sale with a local Realtor or may package up several properties and sell to an investor for millions. You can try buying at the courthouse online foreclosure auction but this is not for the uninitiated as you need to do a lot of homework on a property before bidding to be sure of all liens that will survive the foreclosure, sinkholes, etc. You cannot enter an owners property or you could even get shot in Florida as we have our "stand your ground" rule! So if you don't have all cash you will need to line up with the multitudes of buyers competing for the same property. Otherwise if you must get a mortgage then you will want to find an experienced Realtor in Miami to help you. Good luck!
Very hard to do. Well almost impossible. You will be redirected from one person to another and if you do finally get to a person most likely they will not be the person that will be making any important decisions. The process has gotten fine tuned now as to how banks handle the REOs. Most will be either assigned to an agent or will go to auction company to be sold off. What has not changed especially in Florida with all the condos and association is the length of time it takes to get the property on the market. There are websites that banks use for auctions you could set up a watch for a particular property or area that interests you. Keep in mind they do charge 5% fee and few other charges.
Most of the time properties that are bank owned they get assign to Agents. I have few Bank own properties in Miami
Unless you have direct contact with the borrower it is often hard to determine that information. Loans are transferred and/or serviced by other institutions other than the Plaintiff in the foreclosure. In addition and as previously explained you will need the borrower's authorization to speak to the Mortgagee.
In Florida, Properties that are "listed initial in default": 1. IF you mean after a court foreclosure - final judgment sale, contact the lender's REO (real estate owned dept), and although they typically have a real estate broker assigned, you may get lucky and they'll give you some information of what broker to contact, but you may need to wait their process if they are to assign the property to FNMA, HUD, etc. 2. IF you mean before a court foreclosure sale is final, you are likely not to receive any other information than that which is on the public records due to privacy laws. I hope this was helpful to you. Respectfully, Alejandro J. Morin Lic. Real Estate Broker eRealty Associates
Please read Homes.com's Questions & Answers Community Guidelines.