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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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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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Yes that is possible. You can find these properties on RealtyTrac under the Bank-Owned tab. Just look for the ones without the "For Sale" flag. Here is a link to a story about another RealtyTrac member who purchased a property this way: http://www.realtytrac.com/content/news-and-opinion/a-real...
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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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Thanks for your question. You are correct that ideally the GIS website would show the same owner, but when dealing with public record data I can see this happening for one of two reasons: 1. The GIS website has not been updated with the new owner. This could happen if the GIS website is pulling data...
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Great response from reoceo. Just to add to that, below is a link to a story of a RealtyTrac customer who was able to buy a bank-owned property before it was listed. One of the keys to his success was that he found an REO property owned by a smaller community bank, not a large multi-national bank that...
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Great question. So many are not listed because lenders do not immediately list properties for sale once they repossess them via the foreclosure auction (which is when we pick them up as bank-owned REOs). On average it takes about 90 days for them to list them for sale, and then another 90 days to sell...