Advice Needed On Brand New Forclosure
A house in my neighborhood just got posted with an eviction notice, and confirmation of the bank taking posession...all the furniture out on the curb etc. I got the phone number of the Citibank attorney off of the notice. Is there an opportuniy here to get a deal on this house now or will I have to wait until it goes to auction. Thanks in advance for your support!
Well, if the owners got a notice, then you can try and work out somthing with them. Tell them you are interested in buying it. see what they say
[addsig]
Birdog,
It appears that it is past that stage. There is a document taped to the dorr that says the property has been awarded to Citibank and the locks have been replaced with padlocks, all the furniture etc. set out to the curb.
This seems well past the foreclosure sale, the property is now an REO. Yes, you can certainly prepare an Offer and submit it to the owner-in-fact.
See if there are any telephone numbers on the notices, or the door locks. Start with that and try to locate the rep handling that particular REO. Even if the marketing responsibilities are assigned to a broker... and you are referred to that broker.... it won't matter since the liquidation will be predicated upon market value and broker fees are not unexpected.
Time is of the essence. The longer you wait the higher probablity that the bank will have hired a realtor to represent the property for sale. The quicker you get to the bank with your offer the better chance you will have of getting a decent deal. Finally, find out what is owed against the property by going to your local recorders office of contacting a tiltle company for a property profile. This will inform you as to what the bank will probable take for the home. You may find out the property is overleverage in which case you probably don't want to waste your time.
Depending on the bank, they may require listing the house with a Realtor to see that it is marketed for as much money as possible. You can contact the REO department to see if you can make an offer.
Tom