Re: How can you purchase a foreclosed home?

Posted by Dduffell on February 16, 2006 at 20:41:59:

In Reply to: Re: How can you purchase a foreclosed home? posted by steele in minnesota on February 16, 2006 at 13:48:12:

: : A home we were looking at buying was foreclosed on before our offer to buy reached the bank. The home is in Alabama & did not sale at public auction. We are getting the run around from the attorney handling the foreclosure and the bank who holds the mortgage about who to contact to purchase the home. The realtor has our offer and is also having trouble finding the correct person with Chase Manhattan Bank to approve the offer. We now do not know where to turn or what to do next about trying to purchase this home.
: *****************************
: Exactly what stage is this? Has not gone to auction? Then how does the bank own it?

: Also understand that the bank has different departments handling things at different stages. It can be passed off pretty fast from one to another.

: Maybe you can give us more of the facts.

: Also (and you won't like this) but sometimes they just don't want to deal with potential buyers if they are still processing things.

: Let us know.

: Steele V. Propp
: Foreclosure Specialist
: Minneapolis, MN
: steelep@aol.com

The property went to public auction on the 7th of February and because of no bidders the bank now owns the home. The major problem that we are having is finding the right person to contact at Chase. Apparently they are both BankOne, Chase, and JP Morgan. It is not easy finding the correct number or even getting in touch with someone in the REO Department.
Correct me if I am wrong, but would we not be able to get a better deal on this property before it is placed with an REO Management Firm? The problem is if Chase is willing to deal with our Realtor or just wait until is it contracted with the REO firm.

Follow Ups:

• Re: How can you purchase a foreclosed home? - steele in minnesota 22:25:27 02/16/06 (0)

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Comments:
: : : A home we were looking at buying was foreclosed on before our offer to buy reached the bank.  The home is in Alabama & did not sale at public auction.  We are getting the run around from the attorney handling the foreclosure and the bank who holds the mortgage about who to contact to purchase the home.  The realtor has our offer and is also having trouble finding the correct person with Chase Manhattan Bank to approve the offer.  We now do not know where to turn or what to do next about trying to purchase this home.
: : *****************************
: : Exactly what stage is this?  Has not gone to auction?  Then how does the bank own it?  

: : Also understand that the bank has different departments handling things at different stages.  It can be passed off pretty fast from one to another.

: : Maybe you can give us more of the facts.

: : Also (and you won't like this) but sometimes they just don't want to deal with potential buyers if they are still processing things.

: : Let us know.

: : Steele V. Propp
: : Foreclosure Specialist
: : Minneapolis, MN
: : steelep@aol.com

: The property went to public auction on the 7th of February and because of no bidders the bank now owns the home.  The major problem that we are having is finding the right person to contact at Chase.  Apparently they are both BankOne, Chase, and JP Morgan.  It is not easy finding the correct number or even getting in touch with someone in the REO Department.  
: Correct me if I am wrong, but would we not be able to get a better deal on this property before it is placed with an REO Management Firm?  The problem is if Chase is willing to deal with our Realtor or just wait until is it contracted with the REO firm. 


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