Re: finding balance owed on foreclosed property

Posted by Bill H on June 29, 2005 at 12:15:33:

In Reply to: Re: finding balance owed on foreclosed property posted by steele in minnesota on June 29, 2005 at 08:08:46:

: : : i have found a foreclosed property that is in realtors hands....how do i find out actual balance of foreclosed loan so i can make an offer they'll accept?

: : Now that it is back in the lender's inventory as REO...simply go to the recorder office and look up the trustee deed. Everywhere I have ever researched it always says words to the effect. " property was sold to XXXX for YYYY on 12/12/12 (date) pursuant to ..." and it lists the amount of the sale.

: : Good Luck,
: : Bill H

: ------------------------

: Of course, this may not be that accurate a picture. Especially if this is a redemption state. Here in Minnesota I can look up the Sheriff Sale easy enough, but with a six month redemption period there is the equivalent of six more payments to add in from the lender's perspective. And they normally have a variety of other costs that are in their file that you will never be privy to.

: Also, there is a misunderstanding by some that the banks just want to sell for what they are owned. Once in their hands as an REO they will try and sell it at market. They will typically have 1-2 appraisals as well as agent price opinions. It ultimately doesn't matter what they were owned. High or low.

: While it might be interesting to find this information out why not just make an offer at what you think it is worth? I think too often we get caught up in using predetermined formulas and overanalyzing situations.

: Basic homework, yes. Then action.

: My opinion, of course.

: Steele in Minnesota

Good update Steele. Getting to where lately all the newbies want a complete course in "How To" so I have reverted to simple answers for simple question.

Was just in Northern Minnesota last week,...just traveling around looking, listening and enjoying.

Good Luck,
Bill H

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Comments:
: : : : i have found a foreclosed property that is in realtors hands....how do i find out actual balance of foreclosed loan so i can make an offer they'll accept?

: : : Now that it is back in the lender's inventory as REO...simply go to the recorder office and look up the trustee deed.  Everywhere I have ever researched it always says words to the effect. " property was sold to XXXX for YYYY on 12/12/12 (date) pursuant to ..." and it lists the amount of the sale. 

: : : Good Luck,
: : : Bill H

: : ------------------------

: : Of course, this may not be that accurate a picture.  Especially if this is a redemption state.  Here in Minnesota I can look up the Sheriff Sale easy enough, but with a six month redemption period there is the equivalent of six more payments to add in from the lender's perspective.  And they normally have a variety of other costs that are in their file that you will never be privy to.

: : Also, there is a misunderstanding by some that the banks just want to sell for what they are owned.  Once in their hands as an REO they will try and sell it at market.  They will typically have 1-2 appraisals as well as agent price opinions.  It ultimately doesn't matter what they were owned.  High or low.

: : While it might be interesting to find this information out why not just make an offer at what you think it is worth?  I think too often we get caught up in using predetermined formulas and overanalyzing situations.  

: : Basic homework, yes.  Then action.

: : My opinion, of course.

: : Steele in Minnesota

: Good update Steele. Getting to where lately all the newbies want a complete course in "How To" so I have reverted to simple answers for simple question.

: Was just in Northern Minnesota last week,...just traveling around looking, listening and enjoying.

: Good Luck,
: Bill H


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