house was up for a sheriff sale ud did not go through i realy want this house i have the owners name

Profile picture for VickieLongo
they live in another state .im pretty sure i got the name of the bank the loan was through .do i contact the ank or the owner ? the house is not being taken care of and i think i would be able to get it for a good price but how do i go about doing so please help!!!!!
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May 26 2011 - Frankfort
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Answers (3)

Profile picture for BartMedlock
I list quite a few foreclosure properties and here's typically what happens with the bank I deal with.

At the sheriff sale, no one outbids the bank who is foreclosing on the previous owner so it goes back to that bank. The bank will then list the property with a real estate agent once they know the title is clear and they can sell it.

When this bank assigns me a property, I do an initial inspect. If someone interested in the property were to tape a note to the front door with their contact information on that note, I would certainly call them to see if I could help them buy the house once the bank was ready to put it on the market/after determining what the bank decided on list price.

So I recommend you type/write up a note saying something like this. "Dear Mr. or Mrs. REALTOR - my name is Vicki Longo and I am interested in purchasing this property. Please call/email me as soon as you can. My number is 555-555-5555 and my email address is VL@whatever dot com."

Ride by the place once or twice a week to make sure your note is still on the front door or if it gets taken put another note up and - if I were the agent - the agent assigned to the property will probably call you as soon as they get the listing. Good luck!
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May 27 2011
Profile picture for the_country_hick
Most of the time the house is worth less than is owed on it. Waiting for it to become a foreclosure makes more sense.
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May 26 2011
Profile picture for ProfessorBaron
You could try and contact the owner...but good luck. You might call a real estate sales professional in that city and have them contact the owner about doing a short sale. They can tell the owner that a short sale will be less of a hit to their credit score. That is probably going to be the best bet and try to find an experienced short sale sales professional.

Otherwise, the person is already in financial trouble so probably going to be tough to get them to work something out...and they'd need to do a short sale anyhow most likely, and they'd need an experienced short sale agent anyhow, so again you might want to pursue that option in paragraph one above.

Once the bank takes it over there is nothing to do but wait until the bank assigns it to a local real estate sales professional and it hits the MLS. If you know the bank name as you noted you might want to call some real estate agents in the city who do sales for that bank and let them know to keep you posted when/if that property comes on the market. But the bank process could easily take 6-12 months so....

I would keep looking for other properties that are currently for sale and on the MLS. Get an experienced agent and shop. If that one comes through some day....great! If not, you'll know the market really well from doing other shopping and hopefully find one that works for you. Good luck!
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May 26 2011
 

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