How do I find which banks own the foreclosed homes? Without using a realtor.?

Answer 1

Acermill is 100% correct. The banks will NOT deal with you directly. They use a real estate broker. You are $crewing yourself if you attempt to do this w/o one. You will not come out ahead, you might not even manage to play the game.

I look up the banks in the county tax records, most are online these days. However, I have my broker call. They will not talk to anyone who does not already understand the process 100%, as they have no time to educate you. Even though I do understand, I do not have a license to prove to them that fact and would be quickly dismissed, even if I managed to get to the right person at the bank.

Answer 2

There are many ways to find out which banks own foreclosed homes. First, look in the paper at the Public Notices and you will see what properties will be selling, and when. Then you take the information you receive and go to the Clerk and Recorders office in your county and you can then find out who has liens against the property. The lender in first position will probably be the one to end up with the property, unless you bid higher than that lender. Here in Larimer County, Colorado, all of that information is online, also.

I'm not sure why you wouldn't want a Realtor to help you, as it will not cost you anything, and sometimes Realtors we get the information as to when the lender, after the sale, will be putting the property on the market. At that time, you'll have to deal with a Realtor anyway, as almost all lenders use a Realtor. So why not have one who's on your side, not on the lenders side?

Neenie can think that Realtors are a waste of money, but if you use an attorney to help you purchase a foreclosed home, you'll end up paying more, since the seller will not pay an attorney for you.

Oh yeah. If you find a home that may be going into foreclosure, a Realtor may be able to help you to negotiate a purchase from the Seller before foreclosure and get you a better deal than if you wait the 30 - 90 days for the foreclosure to commence, close, and then for the lender to relist the property. It's called a Short Sale.

Best of luck to you!

Answer 3

Realtors in my opinion are a big friggen waste of money.

To find out about homes in foreclosure, you can do several things:
1) visit your register of deeds office to search public records of properties with a lis pendens filed against them. (*edit* I just thought of a few other options for you as well. A) you can search the tax rolls to search bank names that may own properties in your area. You can either do that in your county treasurer's office, and many counties have tax rolls online now. B) The other thing you can do is search Sheriff's deeds recorded in your county that weren't sold to individuals, but the bank bought them back. You can then contact the bank that way since you'll know exactly which one was awarded it.)
2) call your sheriff's office. The sheriff is the one who sells them at auction, you can see if you can purchase a list from them (or they may have it online)
3) Sheriffs sales are also advertised in the newspaper in the legal notice section, so that is also an option.

If this is your first time going through this process you may want to make sure to have an attorney, a reputable title company, or very knowledgable loan officer in your back pocket.

Answer 4

You can go to the local recorder of deeds in the county where the property is located and do a search there. It is usually free to search, but if you want a copy of the deed (or any other recorded document involving the property), it will cost you a nominal fee. To learn more about the process of buying foreclosed homes, I would recommend this site: http://www.taxsalewealth.com. It outlines the tax lien/foreclosed property process, step-by-step, and gives detailed instructions on how to proceed with these type of sales.

Answer 5

You can check ownership of any property by visiting the local land office or register of deeds in your area. Be aware, however, that over 95% of bank owned homes are listed with real estate agency brokerage for disposition.

Lenders are not interested, for the most part, in dealing with individual buyers. That's why they use real estate agencies.

Answer 6

Homes in foreclosure are usually auctioned off (you need cash) and it is posted in the local newspaper as to the foreclosure and when and where the auctioning off of the property is.
However, realtors are your friends.

Answer 7

The BEST and easiest way to find bank properties is to call the bank. Each bank has a "special asset" department.

Call them and talk with them. They want to sell the property.

However, you will need to do research as to the correct price to pay.