Mortgage company owns a house

9 Replies

Hey guys, so I was driving for dollars, and took notice of this great property, in an awesome are in CT. Definitely vacant. After doing my research, it appears that the owners died, and now the mortgage company owns the house. I know which company it is and I have a phone number. Just need an advise on how best to approach, or if I should approach them at all.

The property is still off market. Please let me know if somebody has done something like this.

Thank you 

You can contact them, but they're not going to sell it to you....at some point they will put it on the mls or one of the REO auction sites. Maybe they'll tell you what agent they'll use, but doubtful.

@Adam Goldberg   sent them mail, posted notes on their doors, tried to figure out their phone numbers, and nothing worked. I hate to say it, but I had to put this kind of stuff on hold, due to my regular work. 

BUT, winter is coming, and in my opinion it will be much easier to try and figure out vacant properties in the winter, because they wont get snow removed right a way... So could help.

In my limited experience, mortgage companies are not in a hurry to sell properties and they really take their time to get the highest price possible. They simply are not motivated. 

I actually think the owner may be a mortgage broker by occupation, but that is unrelated to his ownership in the property, as I believe he purchased the home from his mother for $1 15 years ago prior to her death. 

Usually if it is a mortgage company it is not like before. Now they try to get the highest price possible through their own sellers agent. This is probably not your cup of tea for now anyway so just move on to something easier.