Contacting Bank about property about to go to foreclosure..
Had my eye on a multifamily property that got listed yesterday... today listing got taken down. Talked to the listing agent, she told me the Bank is owed more then the value and the realtor commissions total so she is pulled the listing. It was part of a bankruptcy proceeding and sounded like the court set the sale price. She listed it for a day as a technicality, then took it down because she knew there wasn’t room for Bank and realtors. She says it’s going back to the bank. I think it has potential, how can I get my hands on it before the bank lists it and I have to compete with everyone else looking for deals. How do I find out which bank is getting it back and contact them direct?
@Tony F. This is a pre foreclosure?
@Brian Hout
Yes pre foreclosure where it is publicly (bank knows of bankruptcy proceedings) known that owner won’t be paying it off, and the listing agent has pulled the listing down. So it’s going to the bank for sure. How do I find which bank, and what is best approach to try to purchase for best price from this bank. It is in very rough shape, debt is very comparable to value which is why realtor isn’t wasting her time (no fat left to pay her commission)..
@Tony F. You could contact the bankruptcy attorney and write an offer to purchase out of bankruptcy. The owner signs the offer, and then the attorney submits for bankruptcy approval, subject to the bank's short sale approval. You then negotiate with the bank for the short sale. Once approved, you finalize the purchase.
Pacer.gov you can get a free account to search all bankruptcy cases by name or case number. In the list of credits you'll find the mortgage loan and bank name.
@Brian Hout
Awesome Thanks!