Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
There is a property I want to possibly purchase and I know that it was just foreclosed on. I found a copy of the Sheriff's Deed and it states: "GRANT, SELL AND CONVEY unto U.S. Bank National Association, as Trustee, successor in interest to Bank of America, National Association, as Trustee, successor by merger to LaSalle Bank National Association, as Trustee for Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-3 whose tax mailing address is c/o 3476 Stateview Boulevard, Fort Mill, SC 29715"
I understand this to mean that the current holder of the Deed is U.S. Bank, N.A., and their address the one listed in Fort Mill, SC. When I search on that address, I come up with Wells Fargo Home Loans? Are they one in the same?
Anyone out there on BP who is familiar with tracking down contacts for this sort of thing I'd love to hear from you.
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
In my experience you are going to spend hours and hours trying to track down who owns it or services it for the owner. If you manage to talk to someone who knows, they will quickly tell you to wait for it to be listed by their agent if you want to buy it. The big banks don't sell their REO before they are listed. It could be US Bank or Bank of America who ends up selling it and they all use Realtors. They have policies that the homes must be listed first and to get a value they use BPOs and an appraisal.
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
In my experience you are going to spend hours and hours trying to track down who owns it or services it for the owner. If you manage to talk to someone who knows, they will quickly tell you to wait for it to be listed by their agent if you want to buy it. The big banks don't sell their REO before they are listed. It could be US Bank or Bank of America who ends up selling it and they all use Realtors. They have policies that the homes must be listed first and to get a value they use BPOs and an appraisal.
Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
12y
@Mark Ferguson Thaks for that. This is sort of what I figured was the case. I am setting up some alerts for new listings in the area. The deed was registered Sept 26, so it may just take a bit of time before they list it.
Miami, FL · Member since 2012 · 612 posts · 189 votes
12y
Here is another option. If the property is located in a state that has a redemption period, you could buy the property though the original owner. A redemption period allows the original owner time to pay off the auction or foreclosure price plus interest.
You could contact the original owner and have them use your funds to redeem the house and then transfer the title into your name. Usually there is an "incentive fee" to get them to do this.
Until the redemption period passes (which can be up to 2 years in some states), the bank cannot list the property.
Rental Property Investor · Hollis, NH · Member since 2013 · 78 posts · 7 votes
12y
I agree with Mark's comments. There is a house down the street from me that was foreclosed. I was driving home one day and there was someone out there cleaning up the yard, so I stopped to talk to him. He gave me the name of the realtor he was working for. I called and talked to her to see if the bank was willing to sell before listing it on the MLS. She said no. The banks will not sell until it gets listed. This one is owned by Wells Fargo.
Investor · Dallas, TX · Member since 2012 · 158 posts · 99 votes
12y
@Account Closed this may be a silly question, but do you have contacts inside of the bank for those types of listings? We've got the money and willingness but getting the list seems to be the tricky part.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
12y
You said this was from a sheriff sale, so the lender had an attorney. Contact the attorney and see if the lender will entertain receiving offers before listing the property for sale. Some lenders will, some won't, sometimes it depends on the type of loan (FHA, Fannie Mae, Freddie Mac, portfolio loan). And if they are willing to accept an offer, don't be surprised that they won't accept anything much less than their bid at the sheriff sale.
Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
12y
@Account Closed At this point I may have $20. The million part might be a problem...
@Steve Babiak I tried contacting the attorney's office who handled the sale but they would not give me any information at all. Perhaps I went about the question the wrong way and should have just asked to put an offer in. I may try that on Monday.
@Simon Campbell I'll have to look into the redemption period. This property is in Ohio, so I'll check with my attorney there. Thanks for the idea!
Real Estate Investor · Spartanburg, SC · Member since 2013 · 62 posts · 22 votes
12y
@Marc Ramsay There is no Summit County but there is a town called Summit and it's located in Lexington County.
Does this site help you any? REO Wells Fargo (Hopefully it will take you to the exact page I was viewing without you having to fill in all the details.)
I am not 100% that is correct either as it is a good hour and half away from Fort Mill, SC.
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
Wells fargo, US Bank, Bank of America aren't going to sell you the house before its listed. I'm curious how you plan to buy it if you don't have any money.
Real Estate Investor · Spartanburg, SC · Member since 2013 · 62 posts · 22 votes
12y
@Marc Ramsay oh well, yes. That would be correct. :)
I have never worked with Wells Fargo on a Real Estate or Investing level. Having dealt with them on a personal level, as they are my personal banking location, I can tell you that they can be very difficult at times (as I'm sure most banks are.)
Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
12y
@Dave Welsh no dumb questions here, but sometimes some dumb answers.. :)
It's a Joint Venture partner. Basically anyone you're partnering up with to do a deal, and quite often is supplying a majority equity stake in the deal in exchange for you supplying the deal, as well as putting it all together, and managing it.
Keep asking questions. It's how you learn and avoid costly mistakes.
Miami, FL · Member since 2012 · 612 posts · 189 votes
12y
@Marc Ramsay I just wanted to take just a moment and thank you for your polite response about the "dumb question." This is a forum where any real estate related question deserves to be asked and answered in a professional way and you did that very well.
I will agree, however, that there are such a thing as "dumb answers" and I hope I never fall into that category. LOL Keep up the good advice.
Investor · Fort Worth, TX · Member since 2014 · 39 posts · 5 votes
11y
@Marc Ramsay Have you found out any more information on that Bank in fort mill, SC?
I ask because I just found an abandoned property while driving for dollars here in Texas, and when I looked up the tax records I found the exact same info you did
U.S. Bank National Association
3476 STATEVIEW BLVD FORT MILL, SC 29715
This is the first time I've tried finding a bank for a foreclosure
Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
11y
It never ceases to amaze me the urban legend that exists in the market, that the banks will deal with a buyer directly (singlue unit SFR's, not commercial or bulk sales). While yes, there are those out of reality exceptions, no reputable bank is going to risk the compliance headache of dealing with a potential buyer of an REO property directly. I get calls daily from prospective buyers on my REO properties. I simply refer them to the number on the sign on the front lawn. Then I typically get as a response, "But I figured if I contacted the bank directly, I could cut out the middle man and save us both time and money", and while on the surface that may sound good, any perceived time and money savings is all but gone when I have to spend time and money explaining to my examiners, regulatory agencies, auditors, CRA agencies, Compliance Departments and so many other entities why I sold a home through direct contact and negotiation with a buyer, instead of listing it with an agent and maintaining that "Arms Length" relationship. Why didn't I sell it to a minority? Why didn't I sell it to a non profit? Did I sell it to my friend? Did I sell it to a family member? Did I do something wrong as the REO manager? Did I discount the property to the harm of the bank when I sold it by not getting competing offers or listing it on the open market? All of these and more questions get asked by everyone NOT involved in the sale, and they are asked by people above my pay grade so, myself and most others in my position at other banks avoid losing our jobs or going to jail by listing the properties with agents, and not talking directly with buyers.
Yes, you can deal with the bank directly and no, there are no laws or rules prohibiting it but again, why? The bank isn't going to 99.9999% of the time. Also, as a buyer, you aren't spending any money using an agent. The bank isn't going to discount the property to any great degree any longer as the "REO Stigma" in previous years is gone. The "Barnyard" find like the Beck 550 Porsche Spyder in some old geezer's garage that you found driving through the country and bought for $500 dollars doesn't exist any longer. As I said in the beginning of the post, it's mostly just urban legend now.