Pre-foreclosures
I had a bank call me today at home wanting to know if a neighbor of mine was occupying their residence or if it was vacant ..... needless to say I jumped on it and asked for more info. The mortgager told me the amount financed and the year of the house. She told me to call back later when it is directed to another department. What should I do? Go ahead and contact the owners?
Help!
Get (or share) a little more info. Sounds like it's aleady been foreclosed; perhaps your neighbor's redemption period is up and they're getting ready to kick them out. If that's the case, and you're friendly with them (or nor for that matter), wander over and tell them about "the strangest phone call I got yesterday..." without speculation or comment. Since they're probably out of the picture financially, you'll have no dealings with them anyway. I'd make the best appraisal I could of the condition of the house inside and out, and either consider offering the bank a fast (and short) sale--would save them time and hassle--or wait for them to kick out your neighbors, then make your move. If you think your neighbors are the dangerous type, proceed with caution though.
I would certainly try to find out more of what is happening.
Go over there and do the neighborly thing; make sure to get the point across that you would be interested to purchase the house etc. etc.
With some luck you will be the first person with whom they discuss their (possible) predicament.
If they do, you're one step ahead of the pack; you know the area and you should be able to smell out if there's a potential deal there.
Consider this your lucky day, and act accordingly.
Good luck.
[addsig]
Thank you both for the advice. Honestly, I haven't lived here too long (since last April) so don't know the neighbor too well and have mixed feelings about getting involved with this deal.
Still considering it though.
Thanks
What mixed feelings to you have. He will not shoot you for trying to help. You could visit the deed records and see how much they owe on the property or see when they bought it to determine if there is any equity. If they owe what it is worth it would not help to talk to them unless you think the bank will do a short sale. There also may be a second mortgage on the property and it would be nice to know that too.
Good LUCK and Thank You
Hope this helps some
Ted Jr
The best thing to do is first do your research. Like stated above, go to the county records and pull the property records. Find all liens, mortgages, and judgements that are attached to the property. Once you know the debt and clouds on title, determine the appraised value. If the equity is great enough for you to chase, contact the bank and try to get as much info as possible (they may not say much without an authorization form). More information is needed to tell you much more.
Dear braveheart,
Tell 'em you can see your neighbor washing a new car, cutting the lawn and in the same time giving the fit massage to his wife and the cat John. And if I may ask; did that really happen?
I can almost not believe that the banks will do such of stretch and in fact call the neighbor to verify that the loan was given to an owner occupant. In my opinion, that's a bit to intrusive.
Follow your wisdom. It's your choice but I wouldn't. Let them come and find out passing by the little Ralf, neighbor's modest Doberman.
PS
How do you otherwise getting the idea that the question was do to pending foreclosure?
Omega 1,
Exactly! Now you know why I am a bit hestitant, although I must say the massage thing is taking it a bit far, lol.
Actually, the bank just called me one evening and asked if I could check and see if the property was being occupied or not and also mentioned that evacuation will be in progress if the property is occupied. I told her that the property had an old truck sitting outside and that there were 2 outside lights on and she automatically assumed it was being occupied but I haven't seen any change or movement on the property since I talked to her that evening. I did do a search on the property and can only find one lien on it. I am giving the property's FMV @ 65,000 and the bank told me that they owed 82,000. I told her that was high and she agreed with me, go figure ....
Thanks for your imput.
Brenda
Tell the bank you are interested in purchasing the property. Ask if the homeowner still owns the property or if the bank owns it now (or check county records). Ask how you can buy the property. Go from there!