can i contact the bank that owns the forclosure

Submitted by Patti from SC - 07/16/2010 - 7:21pm

I recently moved to sc and found a home that needs alot of work but would love to buy it. Its a forclosure and the bank has it listed for what the houses are going for in that area. This home will need 30,000 dollars in repairs in order for it to be livable again. I dont think the bank is aware of this as they are in New York and I have a feeling have never even seen the home. There is an agent but my agent said he is not being very helpful and feels the agent is not telling the bank that this is a property in distress, it even took him 3 days to submit our first offer, we put another offer in and are suppose to hear back monday or tues of next week. My question is...can I find out who the mortgage holder is and contact them myself? My agent said she wasnt able to do that even if she did know what bank held the mortgage (said it is still listed in previous home owners name) I really love the house and my husband is a contractor so has no problem doing the work. Can someone please get back to me and let me know how i can find out who the mortgage holder is and if i can call them my self directly. thank you so much for any help!!

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Comments

Submitted by Sean - 07/17/2010 - 7:52am

You'll likely need to work through the agent. Though rare, if you truly get a bad agent, you could try to find the asset manager and "cc" them on the offer.

Something else I'd suggest is outlining the necessary repairs (with pictures if possible) to demonstrate that you are actually making a full price (or close) offer once those repairs are taken into account. One way to make sure this gets included is to submit a full price offer, but include a credit for the amount necessary for repairs. This works really well with banks as they can show the underlying investor that they are getting "full price". The downside to this approach is that your lender may hesitate in making you a loan on a house that needs repairs, so talk this over with your agent and lender first.

Submitted by Patti - 07/17/2010 - 8:24am

Thank you very much for your help! I wanted to send pictures and a write up with my offer but my agent said it wasnt necessary...did understand that, she said she just did a verbal with the acting agent, just feel like i'm not going to get the house due to agent negligence. thanks again!! Much appreciated.

Submitted by Sean - 07/17/2010 - 8:29am

Your agents advice would be good normally. However, in the rare case that the agent representing the bank is failing to adequately pass that on to the bank sometimes these additional steps can help.

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