Hey BP community, I've found a bank owned property that has been foreclosed on and would like to purchase the property. There's just one problem, I don't know what bank owns it. I'm having trouble figuring out how to go about finding that information out. Can anyone tell how I can go about obtaining that information. I found this property by driving for dollars and there was as sign on it that said bank owned. Anything will be helpful thanks BP.
@Adam Read here in Pittsburgh specifically in Allegheny county you can go onto the court records site and find the mortgage company in many cases. You can also look to see where the tax bills are being mailed. If its the owner maybe contact them and if they are going to the bank the address may be there. Most of the time the bank will list with an agent once it regains ownership. In my area there are about 20 agents that list 90% of all bank properties. Reach out to them also and ask if they have been assigned the listing. It can be very difficult once you actually find the bank even if you are fortunate enough to locate them. This may work now and then but long term it is a lot of tail chasing and not a fruitful way to find deals. Ask neighbors and the mailman about the house and if they know where the current owners live. That may be the best start.
Once the Bank owns it there is a 99% chance that the only way to buy it is when it is given to an Agent to sell. It is a big waste of time trying to make a connection with the right person at the right Bank. You will have to wait it out and compete with other future buyers. With these market conditions, there is no incentive for the Bank to deal with someone they don't know even if you found the correct number to call. Sorry.
Thank you both for your incite, I would have thought that banks would like to unload these properties sooner especially sense they cost them money. I will have to keep an eye out for when this property hits the market.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.