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Posted by steele in minnesota on February 23, 2007 at 05:59:25:
In Reply to: Re: buying forclosure properties posted by Macy on February 23, 2007 at 05:23:08:
Not an expert in NC but the process the banks use tends to follow a set pattern. If the property has gone through the entire foreclosure process and all state mandated redemption periods have been met (and any others) the property is turned over to the asset management people.
Today most lenders do not do this in-house. Instead they outsource the entire foreclosure process to Asset Management companies. These companies work for multiple lenders and handle each step of the process.
Assuming the property is now "offically" the lender's the first thing done is to verify that the former owner is gone (if not eviction will be done by the local attorneys if necessary). This occupancy verification is done by a real estate agent that has been acting as the eyes and ears of the asset management company from the very beginning. The property is rekeyed if not already done and if appropriate, winterized. Utilities are transferred into the real estate company's name that will handle the listing. Typically an appraisal is done as well as one to two agent valuations.
The lender (through the asset management company) will then determine a listing price and the property will be placed on the market.
This will typically take a week to two weeks, sometimes longer. There is really nothing you can do to speed it up. They have their own schedule and they follow it. You might want to watch the property to see if any posting appears that tells you the name of the real estate company handling it. If so, you could contact the agent and tell them you are interested and want a call as soon as it is offically available.
I have found that in such cases calling Washington Mutual is largely a waste of time. It may take you hours just to talk to someone who knows what is going on and then you will probably just be referred to the Asset Management company anyway. And they will probably just tell you to call the Realtor.
I would be patient for a few days and keep a close eye on the property. Someone will be out there shortly.
Steele V. Propp
Foreclosure Specialist
Bank Owned Proeprty Division
Schatz Group GMAC Real Estate
Minneapolis, MN
steelep@aol.com
www.MinnesotaForeclosureNetwork.com
