How Do I Find the Bank?

Question

I was interested in a short-sale that came up on the MLS. Now it's down but I still would like to see it. How do I track down the bank selling this property? I live in Baltimore City.

Shaquetta Chittams · Answer

@Ned Carey Thanks for the heads up on the Maryland's Protection of Homeowners in Foreclosure Act and thanks for the MD case search tip. The property doesn't appear to be owner occupied and the owner has multiple addresses most recently in 2008. The P.O. Box appears to be the most consistent one. I can send a quick letter to that address and see what happens. Thanks so much! BTW I enjoy reading your blog posts, I hope you plan to have more classes in the near future.

Ned Carey · Answer

@Shaquetta Chittams well I didn't comment further earlier because there were to any questions unanswered especially is it owner occupied.

First banks are free to change locks and secure any property they have a loan on that appears to be vacant. That is regardless of any foreclosure or short sale status. This is not the law this is a right they have via the terms of the note (loan).

In MD if a property is owner occupied and in default with a bank, you do not want to go near it. Maryland's Protection of Homeowners in Foreclosure Act has strong teeth, tough penalties and written so vaguely it is easy to interpret as a judge sees fit.

Sine the mailing address is a PO box then, it would appear not to be homeowner occupied and the law does not apply. Look in the MD Judiciary case search and see if a foreclosure has been filed or even  completed. The case may have the owners current address.

You have no control over how someone will react (or over react) It is not offensive to say "I see you own a vacant home at XXX Main st. Would you be interested in selling?"

Shaquetta Chittams · Answer

@James Syed I can definitely do that. Thanks!

James Syed · Answer

@Shaquetta Chittams

Welcome to BP.

There is no harm to send a letter to the owner. You can contact them.

If the property still listed with a broker, they will send you to that broker.

Hope it helps,

Shaquetta Chittams · Answer

@Wayne Brooks I'll inquire. In the meantime do you think I should send a letter to the owner's PO Box? I was trying to think of a way to not be offensive. I figured selling your house as a short sale could be a sensitive subject.

Wayne Brooks · Answer

Banks change the locks on Every property in foreclosure that is vacant.  Has nothing to do with the short sale.

Shaquetta Chittams · Answer

@Wayne Brooks She told my agent the bank changed the locks or do you think there could be another reason for why it came off the market?

Wayne Brooks · Answer

Have your agent ask the listing agent WHY the property is no longer listed.

Shaquetta Chittams · Answer

Thanks @Wayne Brooks @Ned Carey @James Syed ! So my agent has contacted all the agents and one of them responded (the MLS listing has a different agent than the sign in the yard). The house was on the MLS and then it came off. According to the agent the bank changed the locks and they're suppose to be sending her the keys. Does that sound right??? This is why I thought maybe to contact the bank. Do you have any suggestions for how to track down the owner? I looked up the property on the MD tax assessment website and the owner has a PO Box address, would it be appropriate to send a letter? What should it say? Again, thanks so much for your input.

James Syed · Answer

Welcome to BP.

@Shaquetta Chittams

Yes, you buy short sale from the owner NOT the bank. Contract has to be accepted by the bank once under contract. You can contact the listing agent and since you are the buyer, you can pick and choose your own broker / realtor to represent. In most cases, it's free for you as a buyer because commission is paid by the seller.

Hope it helps.