Bank Owned Property First Dibs?

Question

There is a home in my neighborhood thats bank owned recently. I have called multiple times but they always say they cant tell me anything until the for sale sign goes up. The grass is high and the house is still full of furniture and personal items. The owner is in hospice and the house has been foreclosed or pre-foreclosure. How do I get this house before anyone else does?

Wayne Brooks · Answer

@Howard Montaque A certificate of title (CT) is the deed instrument a bank gets when the property is foreclosed on, and title goes to the lender....this means the bank owns it and no, you can’t do anything until it is publicly listed.

Davido Davido · Answer

I'd get a title report.  If the bank owns it, then they are in control of whether and when they sell it.  If the mortgage has not been foreclosed, you might be able to buy it.  If there is a second mortgage or lien, you might be able to buy it (at a discount) and foreclose the second.   You'd still have to pay off the first, but you'd be able to bid the full amount of the second, making it more likely that you'd end up with the property.

Davido Davido · Answer

No a certificate of title is an official statement of ownership from the State, or sometimes from a city.   A title report also documents who owns the property but includes statements about who else has rights in regard to the property (vesting), and details regarding anything recorded against the home, such as liens, encroachments, or easements. The title company compiles the title report by searching the history of the property from county records.  Title reports are created as preparation for issuing title insurance.  Usually, the title company will insure that the new owner has full rights to the property -except for listed liens and “exceptions”.

Howard Montaque · Answer

Is the the same as a certificate of title? The owner has paid the taxes since 2005. 2018 the bank paid the taxes. 11/26/2018

Brian Van Pelt · Answer

@Howard Montaque;

You cannot. If the owner is not competent to make decisions and hospice is a clear indication that they may not be. It's even doubtful that the Lender can foreclose. Until the owners estate goes through probate you will have to deal with whoever has power of attorney or once the owner passes you will have to deal with the estates executor.

Bank Owned Property First Dibs?

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