Help Researching Forclosure

2 Replies

BP Colleagues -

I have a couple of single family rental properties in Tulsa, OK and am looking to grow my portfolio.  Small now, but not forever. 

Near one of my other properties, there is a home in foreclosure that has gone through the sheriff's auction and is now held by the lending institution, which happens to be a nation-wide mortgage broker.  I've been watching it for a while.  The property would be a great one to get into as I know the area and believe I could cash flow the property fairly easily.  But I have no idea how to determine the best people to talk to.  The property is not listed - and from peeking inside, I see no evidence that the mortgage broker - or any potential agent - has taken any steps at all to prepare the property for listing.  (Still furniture and trash throughout the downstairs).

In this type of situation, any suggestions about who and how to reach out to the current owners?  Are there any tricks of the trade that might get me an opportunity to bid on the property in advance of the house finally hitting the market?

Thanks,

Andrew

@Andrew Hejtmanek If the bank bought the house back at the sheriffs auction, then they will likely list it.  I would check out the Tulsa county tax assessors website first and find out who owns the property.  If its not in Tulsa county, then the Wagoner County Assessors site will likely have it.  Once you do that, you can usually call the banking institution's real estate or foreclosure department and get more information.  Often they have a several week to several month period between the sheriffs auction and getting it listed with an agent.  I know people who have also put a letter on the front door with their contact information requesting the listing agent and/or owner to give you a call to discuss purchasing it.  I'd tape it to the door in hand writing so they know its not just a mailer or wholesaler looking at it.  Hope this helps

Thanks Callum.  I really appreciate it.

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