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The reply by KDH is not exactly true. If the 2nd lien holder went to an auction and sold his lien -he got his money. The purchaser now holds title but the 1st lien still exists in the name of the original borrower even though that person no longer holds title to the property. If that 1st lien is not...
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Great question. I'll give a summary here and link to some more extensive information on how to buy these types of properties. Buying Bank Owned For REO, or bank-owned properties, you are ultimately purchasing the property from the bank or lender who has foreclosed on the property. Now just like an...
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any 1 have the contact info for Finance America Trust 2004-2
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I realize that it's now Nov. 30, but one option you might have before the redemption period may be to contact the homeowner and see if they are willing to sell the redemption rights to you (this is possible in some states, but check with a local real estate agent to make sure it's possible in...
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steved: it can be difficult to contact lenders about an REO before it is listed for sale, but it is definitely possible. I have talked to RealtyTrac members who have successfully done this. Here is a link to a story about one of them: http://www.realtytrac.com/content/news-and-opinion/a-real-estate-investor...
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Chris_A,
Thanks for your question. This simply means the bank is probably not going to recoup their losses on the property when they go to sell it. Most banks have adjusted their expectations in this market to realize they will not be able to usually sell the REOs for the full amount owed on the loan...
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RealtyTrac data shows REOs that sold in the second quarter took an average of 178 days to sell nationwide. That is starting from the time they first became an REO to the time they actually sold. I would roughly divide that in half (90 days) to come up with how long it takes from the time the REO is listed...
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Alex,
There is a great discussion about this at the following thread: http://community.realtytrac.com/forums/t/398.aspx
The short answer is, yes, you or your real estate agent could contact the bank, but that is often easier said than done. However, buyers with persistence in contacting the bank...
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Good advice from Mary, Ken and Gordon. I would add, however, that it is actually possible in some instances to contact the bank directly and get a jump on other buyers if you can demonstrate to them that you are a serious buyer who is willing and able to act quickly to take the property off its hands...
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I found a bank-owned home that is not yet listed for sale. Can I approach the bank (TBI Mortgage) to let them know I want to buy it?