Bank Owned Foreclosure

3 Replies

There is a property in my area that has been vacant for 2+ years. It is still listed online as in 'pre-foreclosure' and it is owned by Bank of America. Is it possible that a property could be in pre-foreclosure for that long? Also, does anyone know how to inquire about the property from BOA? They seem like such a behemoth,  I don't know where to start. Thank you in advance for any replies.

Bob:  It is not unusual for a foreclosed property to be vacant for over two years.  There are a variety of reasons but the good news is likely to be  on the market in the coming days or weeks.  It is unlikely BOA will give you any information as they very bureaucratic and outsource the marketing to local real estate brokers.  You'll want to look for contact information for the broker as being an emergency contact posted on the house prior to it coming on the market.  This may enable you a head-start by contacting the broker prior to it being listed for sale.  Meanwhile, all you can do is study the comparable sales in the area to determine a preliminary whole sale value.

Another source I found is the local Fire Marshall. I came across the same thing on a vacant boarded up house. I went to the local Fire Marshall and they gave me, verbally, a history for the past 2 years and the bank contact person. They need that information for obvious reasons. So try them and see if they will give you info on the property. 

Originally posted by @Mike Sedlacek :

Another source I found is the local Fire Marshall. I came across the same thing on a vacant boarded up house. I went to the local Fire Marshall and they gave me, verbally, a history for the past 2 years and the bank contact person. They need that information for obvious reasons. So try them and see if they will give you info on the property. 

 That's a great bit of information Mike. I'm going to try that. Thank you.