Where do you go when you see this in the county records?

Question

Found a house while driving for dollars and, when I go to our county records, I see that:

It's owned by Bank of America at 7105 Corporate Dr Plano, TX 75024

It was bought in 2014 from the "Secretary of Housing and Urban" for $5.

Can you please offer insight on what it means when the bank is shown as the current owner?

Is it possible to access folks within the banks who might sell the house? Or does red tape tie things up?

The house is in rough shape and continues to deteriorate so I wondered if I could try to scoop it up for rehab.

Thank you!

Greg H. · Answer

The property will be sold as a HUD home eventually and will appear on HUdhomestore.com. It will be available to owner occupants before it is available to investors.

As to why it has taken so long ? More than likely a title issue

You have zero chance to purchase at this stage in the game

Ned Carey · Answer

@Brian Knox I am not sure what happened but if B of A owns it, or for that matter HUD, you are wasting you time trying to do a deal. They will simply put it on the market and sell through an agent. B of A is too large to bother with one investor at a time. They just hand their inventory over to agents they already work with.

John Carr · Answer

it has been foreclosed and apparently a fha/hud backed loan that appears to have reverted back to the govt. I can't speak to the whole process but this will likely end up in the "home path" program. I'd proactively seek out what leins are on the property and reach out to hud with an offer if the leins are low enough to warrant a rehab investment.

Where do you go when you see this in the county records?

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