How do I find out if a property is in foreclosure
I just spoke to a homeowner about his vacant property. He said he told the bank to take the property back. He said he didn't know if it was in foreclosure or even what the status was. I looked on the Zillow foreclosure site and couldn't find any evidence that it was in foreclosure and the state still lists the gentleman as the owner.
What else can I do to determine the property's status.
Due to the strict laws here about investors talking to people in foreclosure, I didn't dare take the conversation further. I will put him into contact with a friend who is authorized to help with foreclosures, if the property is indeed in foreclosure. But first I'd like to settle the question of the property's status. If it isn't in foreclosure, I won't need to involve anybody else.
The process for foreclosure happens at the state level. If the property is in Virginia, someone familiar with Virginia law can give you advice on where to look.
The foreclosure process will begin with a notice somewhere, either recorded on title, in a legal notice in a newspaper, or in the courts. Depending on your state laws, you will just need to search there.
It is not uncommon that there are title issues or other unresolved problems that complicate foreclosure which is why a property may sit without being foreclosed on. In certain markets, banks would rather have a bad loan than a specific property and don't begin the process for years.
Thank you all for your feedback.