Buying a bank owned foreclosure

2 Replies

I am going to be a first time homebuyer and have been looking at houses. There is a house up the road from my parents house that has been foreclosed and abandoned for over 7 years now. The property is listed on Zillow as a foreclosure but "not for sale." We went to the property yesterday to see if we can find more information on it. The two white foreclosure papers are in the window and I was told that they usually have the contact information on them. The window was way too high to get that number. There were other papers posted in another window that were "affidavit of trust deed." I was told that means that the person signed the house over to the bank. We are really interested in this property because the house isn't trashed by the previous owners and I'm guessing it's because they handed it over to the bank instead of getting forced out. On those deed papers, we found that it is now owned by JP Morgan Chase bank. We researched this even more and saw that the house was sold in June 2015 to the bank for $3,300. Zillow estimates that the house is worth $322,000. I found on the county's sheriff sale website that the debts that the previous owner had on the house was $528,000. The house is definitely not worth that much cause there definitely are damages seen from sitting for 7+ years. Will the bank even sell the house for less than the debt owed on the house?

My boyfriend called the bank today and they said that they don't have any information on it. Is there any advice as to how we can somehow find more information on it?

Not sure if this will help, but maybe you can find the info on the county tax assessor site? If that doesn't work, might have to  / want to get a realtor involved, they can get the info for you.

No, the bank knows they will never get the full debt.
But, for right now this is a list cause....they bank absolutely will not sell it to you direct....it will get listed or go to an REO auction site.

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