Updated about 6 years ago on . Most recent reply
Buying long-time-foreclosed home before it's listed
I've been eyeing this one property. It's been vacant for many years and I can see it foreclosed in 2014! The owner passed away and the house does need work, but I have a good idea about the work involved. The most activity I've seen at the house is about a year ago, a moving truck showed up and emptied the house of all the remaining items... But why hasn't the bank listed the property in the last 5 years? Is it a bad idea to call up the bank and put in an offer before it's listed? Ps. It's on my street and it's the only other multifamily on a street of mostly well maintained single family homes.
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Banks are holding an insane amount of foreclosures on their books right now. I have no clue why they haven't dumped them during the peak of the market but it is always worth a shot to see if they'll offload it to make them whole again. If it is a big bank, they probably won't answer you or care. Judging by how long they've been sitting on it, that will probably be the case. Do you have the websites for the local auctions? I got the list from Drew Mortgage a while ago that they use for the area