Help with the next step in a forclosure

Help with the next step in a forclosure

Investor · Saint Peters, MO · Member since 2013 · 106 posts · 12 votes

I was out driving the other day looking at a house my brother had sent to me. The house was a FSBO and wasn't in the greatest shape. But I noticed tall grass in the house next door and took a look there and saw that there was a foreclosure notice on the door. This house was 10 times better than the one next door and looked like it had a lot of work already done to it.

I called the bank listed on the Foreclosure notice, BOA, and they informed me that they no longer owned the property and were just servicing it for the current owner. They couldn't tell me who the new owner was. They suggest checking with the local assessors office. I went out and talked to them today and she gave me all the information they had, which wasn't much more I have the original owners name who let it go in foreclosure and the banks name that I already called, who is listed as the current owner according to the assessor.

I called BOA again and they told me the same story, but added that it would be released for sale by the new owner. They just didn't know when. They said I could call back and keep asking if it was available or I could go to www.hud.gov and check.

Should I just keep calling back? or is there some other route I could take? Or am I just chasing my tail here and should move on?

Thanks.

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Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
13y

It will be listed by an agent at some point. If it is HUD, it will be on their site. Other than that, chasing tail.

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    13y

    It will be listed by an agent at some point. If it is HUD, it will be on their site. Other than that, chasing tail.

  • Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    13y

    My thinking is that this is likely still owned by a bank and BOA likely either assigned their mortgage prior to completing the foreclosure or conveyed it to another bank post foreclosure since you say that BOA is still "servicing" the property.

    Check with the county recorder to see if there is a new deed conveying the property from the bank to the new owner. The sheriff may have the same info (assuming you are in a judicial state) if they recently sold it at auction.

  • Investor · Saint Peters, MO · Member since 2013 · 106 posts · 12 votes
    13y

    Thanks so much for the replies. I'll check into what you've suggested.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    13y

    If it is a HUD, or Fannie, or Freddie - they all have "first look" for properties so that they only take owner-occupant offers for an initial period. So even after it gets listed, if you are buying as an investor, you'll have to wait a bit.

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