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Bank Owned Properties Knowledge Base
Bank Owned properties: How do I get information about REO for free? I have found some houses that are currently bank owned (I assume a REO). I have found these through a site that lists pre-foreclosures, foreclosed houses up for auctions, and bank owned properties... But it won't list the address, or anything about when the auctions are, and I have no idea who to contact if I am interested in this house without paying for the service. Are these records listed for free anywhere? Can I go to the cityhall of the city the house is in? Do I have to go to each bank to find it out?
how do some foreclosure properties end up as auctions and others as bank-owned? In my zip code, we have about 93 properties that are foreclosures according to Trulia. Most of them are listed as auctions, but some are listed as bank owned. I don't know anything and so I would think that the lending company would own all of the houses. Are the bank owned properties just not yet scheduled for auction? Or have they failed to be auctioned?
How do banks find real estate agents to sell bank owned properties? I am a real estate agent who would like to work with banks to sell bank owned properties. How do they select an agent to list their properties? Is there a particular web site agents can register or should I just go to banks and try it that way? I am in California.
What's the difference between "bank-owned" and "auction" properties?.? For the first time, I wanted to check out homes that were up for aution online. They had separate tabs labeled "Bank-owned" versus "Aution" properties. What is the difference? Are you able to get home loans for bank-owned property, but need to have cash for an auction?
Where can I get a list of bank owned properties online for free? Where can I get a list of bank owned properties online for free?
Where can I find a list of bank owned properties? Where can I find a list of bank owned properties? With out having to pay any kind of fee? Without using a Real Estate agent?
Do bank owned properties budge on there sale price? I put an offer on a bank owned property 25,000$ below asking price. The property has been on the market for 2 years. What are the odds that they will accept my offer. do bank owned properties accept offers below asking price??? Bank has until monday to respond but the suspense is killing me.
For bank-owned properties, is it OK to ask for an early buyer possession? My family is currently renting and really needs to move by the end of the month. We've decided to buy (given the current housing market) and our offer has been accepted on Wed., 8/13, but we haven't closed yet. I heard it may take up to 45 days. So, can we ask this bank-owned property for an early buyer possession? Thanks!
Is there any way to get a list of bank owned properties from the bank itself ? Does bank give us the properties what they hold as foreclosed ? Is there a way to get insider info about the properties before they hit the market listing ?
Real Estate - bank representative or bank owned properties? I want to be a bank representative (listing agent) for banks to list their bank owned properties. Any body have idea of who i need to contact? I know banks usually hire a asset company to do it anybody got numbers or what i could do to get my foot in the door??
Who pays the property taxes on bank owned properties (foreclosures)? Considering the fact that bank owned properties (foreclosures) remain on the market in some cases for years, who is responsible for the taxes on these properties .
Does anyone know how much of a down payment Wells fargo Bank want out of their bank-owned properties? I live in California so I was wondering how much like 10% or 5% down payment. I really like this house and it is owned by Wells Fargo but before i put in an offer i'd like to know how much of a down payment they want. Thanks for your time.
What % of the asking price should I offer on bank owned residential properties in metro Atlanta? What if they say that the price is firm? For the Atlanta market do I have leverage to still offer a percentage of the asking price on bank owned (foreclosed) properties. Would I still have a chance to get a binding contract on it? I am speaking in general terms.
how to get a free list of bank owned properties? i want to where i can get a free list of bank owned or foreclosed homes? i asked a bank but they didnt want to give me any info. i asked a real estate agent but only have several home that they offer. i want a list that show every home that is on the market.
Nation/Regional Realstate Broker that sell bank owned properties? Are there any national/regional real estate brokerage firms that sell both private and bank owned properties? Is there a directory for these types of business?
How to find bank owned properties in Canada? I don't want to go through foreclosure.com that kind of websites. I would like to get finding info. directly from financial institutions.
Is It faster to close on bank owned properties or short sales? Any tips or advice for a buyer?
Who has the BEST website (paid or free) to locate foreclosures and bank owned properties? I am considering a career change and have 350,000 to invest in the home foreclosure market with the intention of fixing the homes and keeping as rentals or flipping them.
Website for Bank owned properties in Orlando? Is there a website out there to access all the Bank Owned Properties in Orlando? I tried to search in realtor.com and other websites and I couldn't find anything. I want to search the houses that are owned by the bank in Orlando. Thanks in advance for your help,
Looking for Bank Owned or Foreclosure Income Properties (4+ Units)? I am looking for a good deal on an apartment complex as an investment. I know there are foreclosure sites out there, but I can not find any sites to find commercial or multi-unit foreclosures and bank owned properties (REO). Can anyone help lead me in the right direction? Thank you so much everyone!
Why are the bank owned properties in my area listed as being recently sold when...? they are currently on the market for nearly half the price. For example, I'm looking at a home that shows on various sites to have been sold in Feb. 2008 for $300,00. The home is newly listed for $169000. Is it because the home is showing the fee paid by the bank when it reverted back to the bank?? I'm confused as to how it was sold then put back on the market as bank owned in a month!
I have a Great Plan to help eliminate bank owned forclosed properties and save them money How do I sell it? This plan would help the borrowers and the Banks or Mortgage companies. It is pretty simple and the money it would save is incredible. I figure this idea may help so many mortgage loan companies it will be used from now on. It will aslo help those who are about to lose their homes. How do I get this plan in the works, how does one sell such a great plan? It can stop foreclosures and make both sides work. NOT A LOAN PROGRAM! or DEBT CONSOLIDATION!
Is it true that bank-owned REO properties are usually being sold to the highest bidder? Banks (REO sellers) only care about the bottom line (ie the final number). They don't care about other factors such as buyer's FICO scores (750 or 800), down payment amount (20% or 40%), or it's the 2nd highest bid. Do they counter few highest bidders to submit the "highest and best" offer OR they just simply take the highest bid received without even countering the rest?
Bank owned properties? Recently, I have been looking at buying bank owned houses in my area. The properties are almost ripped bare (broken and scratched floors, appliances removed, holes in the walls, carpet, shower heads, lights stolen or windows broken...) The price seems as though the builders or owners were in bed with the bank or mortgage lenders to get money and split (felt like third world thugs) the spoils. None of the properties were worth the money they are asking for as one has to put few hundred thousands to renovate them. Are you observing the same? And john McCain wants to buy these using our money?
Looking for Bank Owned or Foreclosure Income Properties (4+ Units).. Help!? I am looking for a good deal on an apartment complex as an investment. I know there are foreclosure sites out there, but I can not find any sites to find commercial or multi-unit foreclosures and bank owned properties (REO). Can anyone help lead me in the right direction? Thank you so much everyone!
what happens if all the bank owned properties. keep them and rent them out.? will all real estate in america soon be owned by banks and we all become slaves to the big banks of the world?
Where can I get a free listing of bank owned properties in my area? State of Connecticut
How do you negotiate with a bank owned property? I'm interested in buying a bank owned, forecloser property. A real estate company is asking 199,900 for 2 bed, 1 bath property that has sat on the market for almost a year. How would I negotiate with such a property?
How can I get the addresses to foreclosed properties from the city or bank? I want to purchase a fixer-upper in Aransas Pass, TX and have no idea where to begin finding these foreclosed and bank-owned properties that I hear so much about. The courthouse? The bank? Lawyers? Where should I begin, and is the information free? Thank you.
How does the process work when purchesing a bank owned house in Las Vegas? We are looking at buying a house in vegas and are wondering how it works with short sales and bank owned properties with how the sale goes through and if the price stays around the list price?
How much can I undercut the bank on a bank owned property? I am planning on bidding on a bank owned property in Cleveland. I know, I know. I live here. In either case, the property is listed for $126k. realistically, how much can I undercut the bank?
How to find opportunities for house sitting a bank owned property:? My husband and I would like to live in a bank owned property while the bank sells the house. We would get the yard in shape and semi-stage the house so it is presentable when showing. How do we find a situation like this?
How do I find bank owned or forclosure properties ? I want to know where RealtyTrac gets that list. It must be public info, but how do I get it? Why does it seem imposable to get, I emailed county clerks and real estate agents.I am looking in New Jersey.
On bank owned properties can the buyer's agent ask how many offers have been made or received by the bank? I am looking to buy in Chula Vista California. There is a property that I am interested in but it seems to be bank owned like manyothers. I asked my realtor if he could find out how many offers were submitted, whether they were below or above asking price and if they were entertaining other additional submittals at the moment. The realtor told me that he knew they would not provide that information. Is this correct? This is not a short sale but it is bank owned. Please help.
how can I buy a bank owned property? I have seen a few houses on realty trec in the area i prefer but can not find the right contacts.If I click on how to buy this property link it leads me Carlton Sheets training site or some other web site which want to sell their training course.Local bank mortgage department either do not know who deals with foreclosed properties or do not want to tell their customers.Any helpful clue will be appreciated.
How long does it take for a Bank Owned Property to be listed on HUD.gov? I have found a house that has gone through the foreclosure process and is now bank owned or REO. Called the bank, which said it is an investment property. Got the contact information and was told the house is going to HUD. The house is not listed on HUD.gov. So, how long will it take for the house to be listed on HUD.gov?
I want to buy a bank owned property. How can I find out which bank owns that property? ? I want to directly deal with the bank who owns that property. I don't want to go thorugh a broker. I have the address of that property only. Please help. Thanks
what is the difference between a bank owned property and a short sale? do banks usually give their properties to realtors to sell? do i have more of a negotiating room?
Can you negotiate the price of a bank owned property? Can you negotiate the price of a bank owned property?
I made an offer on a bank owned property more than 14 days ago-I still have no answer-can I demand one? The only reason I am still waiting is because this will be a good low-priced investment. How long should it take to get an answer from a bank owned property in Ohio. Is there any rule on how many days they have to respond to an offer? Next time should I place an expiration date or will they not abide by it because it is a bank owned property?
How do I find bank owned property jobs such as repairing/finishing real estate? I am a contractor and I am looking for work such as repairing real estate for banks that own a property. I am currently in North Carolina. Any help/suggestions?
Termite Repair in Bank Owned properties ? Do they usually "not" do section one repairs? The bank is refusing to do any repairs,...... is this right ? IT IS B4 ESCROW,... AN ASK FOR IT AND GOT THEM TO PAY FOR IT YAYY
Clear title when buying a bank owned property? I read that when a bank buys back foreclosed property at an auction, it will then proceed to clear the liens, back taxes, etc. so that it can resell it with a clean title. If that is true, then do you need to perform a title search when buying a bank owned property? Oh, I am paying cash for the property - no mortgage.
Bank Owned Properties...? Ok so my house didn't sell at the public autcion so now it's bank owned....who's going to let me know what to do?? or what should i do?? need help....thanks =] DOES THE BANK LET ME KNOW HOW MUCH TIME I HAVE TO VACATE THE HOME??
Is it worth submitting a bid on a bank-owned property that already has multiple bids? I want to submit a bid on a bank owned home that, according to the listing agent, already has multiple bids at asking price. The home has only been on the market about 2 weeks. In my opinion, the home is very desireable and it is quite possible that it has multiple bids. I just never know what to believe in this market....If I were to bid, it would be 7% under asking price. I really love this house, but is it even worth my time?
how much should I bid for a bank owned property in ca? I am currently inthe market for a home in Ca, The property is selling for 540, 000 but it is bank owned. Any advice on the lowest proce I should offer? I have only been approved for 300,00 any advice, I REALLY WANT THIS HOME...
i would like to winterize and secure properties after a foreclosure before the bank resells the properties? i would like to start a small business in central pennsylvania winterizing, securing, interior cleaning, and outside clean-up for curb appeal on bank owned properties (working for the banks) so that the bank can resell the properties. i'm looking for contacts and pricing in this field. i have alot of work experiance in this area but need pricing and how to go about contacting the right people. also looking for any web sites that might help. thank you.
How to trade my house for a bank owned house? I found a bank owned property but I cannot sell my house. Is it possible to negotiate with the bank by offering my house plus cash and acquiring a mortgage through the same bank that owns the property?
What are some risks with purchasing a bank owned home? We are interested in a home, and might possibly be considering putting an offer on it. However, it is a bank owned property and I am pretty clueless about how all that works. Does anyone have some insite on this subject that they can share with me?
Do I still pay rent on a bank owned property? I live in Georgia and the apartment complex I live in has foreclosed and is presently owned by the bank. Am I still required to pay rent?
When buying a bank owned property with no Property Disclosure information available, what should buyer do? How to verify the current conditions (addition permit, termite, easement...etc) and all previous repairs of the house since the owner (bank) has no knowledge about the conditions and has never previously lived in the house?
how would you go about assigning a bank owned property to a new buyer? is it possible? I want to flip/wholesale this property, but will the bank allow this, b/c of financing reasons? Can it be done? Please write as much as possible, and tips would be helpful. Thank you.
Can you lease a bank owned property with option to buy in 2 years? can you lease or sublease a R.E.O from a bank with option to buy in 2 years?
Can you file a lien on a bank owned property? We did some painting on a foreclosed property and now the bank wont pay us. The bank is the one that gave the instructions to paint. House is in Fort Worth TX and the bank is in Fl.
Is it generally recommended to involve an attorney when buying a bank-owned property? I was told to hire an attorney for the whole process of buying a short-sale house, someone who will conduct the process from the moment we put in an offer and who will actually represent both the buyer and the seller when communicating to the bank. And then maybe to get someone else who will help us with the p&s, closing and all other paperwork. Would that make any sense?
Need some opinions on making an offer on bank owned property? Here is my situation. We are first time home buyers, been approved for 275k. There is a bank owned house that we love, but is listed at 305k. Has been on the market for almost a year. Is offering 275 unreasonable? We are so new to all of this, and yes, we are working with a realtor, but just looking for some opinions before asking our realtor. Thank you!!!!
Can I contact the bank for a bank owned property and make an offer? Or do I have to go to the realty firm where the property is listed? I assume that if I want to view the property than I need to contact the realtor for viewing? Thanks for answering! If I have to go through the real estate broker to view/bid on the property, do I have to pay them commission?
Say someone is looking to buy a bank owned property, how much should the first offer be? say the price is around mid 500,000, how much could the first offer be for the bank to take you seriously.
I want to buy a bank owned property in El Paso? I want to buy a bank owned property in El Paso. I need more information and tips in buying bank owned property in El Paso.
I just made a ridiculous low ball on a bank owned property. How long should I wait to recieve an answer? It is a single home property.
I am looking to purchase a specific bank owned property...? is there an advantage to using the realtor selling the property or does it not matter which realtor I use? Also, any information on bank owned properties would be great. Thank you!
I want to buy a bank owned property, but the bank is refusing to allow an Engineers inspection, can they? I really really want this house, but Citibank who owns the property will not allow an engineering inspection and will not have the utilities turned on to facilitate the inspection. How can they do this? Aren't they bound by some law or rule that they must allow an engineering inspection if the buyer is willing to pay for it?
What happens if a previous owner files bankruptcy while I am in the process of buying thier "bank owned" prop? We are in the final process of buying our first home. It is a bank owned property and so far.....it's been a big test of our patience. Anyway, we are due to close in 6 days and we get a call today from our agent saying the banks listing agent just called and said that the previous owners of the property are filing for bankruptcy. And, per her.....nobody knows what that means for the purchase. Not our loan officers,our agent or the listing agent. So they are in trying to get in contact with the bank but, I was hoping someone knew the answer. I pray it's nothing and everything will continue forward.....so does anyone have any expierience with a situation like this?
if I make an offer on a reo-bank owned property...how low can I make the offer? I dont want to make the offer to low...I heard for a short sale the offer should not exeed 15% below asking price. what would a resonable offer be for an reo-bank owned? I dont want the bank to just turn me down...what would be a good low ball offer?
Why would a bank-owned property require a cash-only purchase? What are they not telling us? We are pre-approved for a conventional home loan but interested in purchasing a home that has been foreclosed and is owned by the lender. They insist on a cash-only purchase. The price is substantially below market value and the home has some problems, but it's still a bargain, WE THINK...Aside from home inspections and tax records, what questions should we be asking??
If bank forcloses on a property, what happens to other properties owned? The other properties are in Florida. One is a homestead property and the other property is owned outwright.
I live in mobile home in Mi. dont own it, owner typed land contract, property bank owned, can I get out of it? I have lived in it for 9 months, we have been making payments to the owner but the mobile home is bank owned and the bank does not know I am living in it, what happens if I walk away, the owner typed up a paper that says we are making payments on the home, if I leave will anything happen to me?
Can you get a lease purchase on a bank-owned property? I would think probably not. But in today's market, you never know!!
Questions about carrying costs for a bank-owned foreclosure property? I can’t find any internet sources on this so hopefully someone here can help. I am more than willing to do the calculations myself if someone has a formula for this. If a bank foreclosed on a mortgage that was somewhere between $150-160,000, what would it cost that bank per month in carrying costs? If you can’t give me a number, can you at least define "carrying costs?" I understand that it’s the cost of owning the home until it sells, but what items/expenses make up the actual cost? Is it just the foregone mortgage payments? Thanks so much in advance!
When buying a bank owned property? What are the chances of the bank paying the closing cost. Since I have to put money down on the mortgage I won't have enough to cover closing costs also.
How do I find a bank-owned foreclosed property before it gets to a real estate agent? And is it better to get a one without a real estate agent or not? I heard that you'll have more of a bargain without the agent as opposed to with one.
Some remarks on a Listing statement of a Bank-owned REO property...Is there anything tricky to be aware of? I quote as follow: "Just Reduced $20,000! ! ! Sold AS-IS - lender will NOT make ANY repairs! ! ! REO - Lender Owned Property. Sold As Is, Where Is, And With All Its' Faults. No Warranties Extressed Or Implied!"
Do you need a title search and insurance on an reo(bank owned) property?and do you have to worry about a C.O.? Will the bank help out w/ this at all, or do I need to hire my own title insurance company before closing?
Buying a bank owned property? My husband and I put in an offer on a property that is owned by a bank. Unfortunately, we put this offer in on Thursday April 3, and we still have yet to hear anything. I was wondering if this is normal. The real estate agent said it should only take a couple of days to let us know if it was accepted. There was also another offer that was submitted with ours, so we bid the asking price. It's been 7 days, and still haven't heard anything. Should we keep waiting or move on? If so, how long do you think we should wait for?
Bank Owned. Property being sold AS IS. Buyer responsible for...? I am looking to buy a bank owned property and noticed this in the title, "Bank Owned. Property being sold AS IS. Buyer responsible for smoke Cert., C/O and inspections." What exactly is involved in the smoke Cert., C/O and inspections and what is "C/O" anyway?
How can I get free information on a bank owned home I would like to purchase? I cannot find the bank that owns the property. I have had a realestae agent look into it in the past and they knew which bank and then stopped calling. I hope you can help with this. It is a ranch located in Oakland Maine.
As far as selling a bank-owned REO property, do the banks generally accept only the HIGHEST qualified offer? Regardless each bidder's financial condition (down payment amount/ excellent credit score/ contengencies...)? For example: Bank's target price is $350K. Two offers received from two possible buyers. Buyer A: Offer $352K, 5% down, credit score good 750. Buyer B: Offer $350K, 20% down, credit score Excellent 803. Which one would be in favor of by the bank?
Bank owned property HELP PLEASE? Ok can someone please tell me how this works? I was looking for homes for sale. And I see some for 500 dollars, but it looked like the homes needs a little work. So can someone please tell me how this bank owned property works? I mean do I just pay the bank 500 dollars and the house is mines forever.
Bought a BANK OWNED PROPERTY? in CA w/out a realtor? I am interested in putting a bid in on a bank owned property in California. I would prefer not to use a realtor. Has anyone gone through this process? What should I watch out for? Any tips? I am a first time home buyer. Thanks for your help!
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