I want to buy a foreclosed property?

Question

I checked with the bank that put in the foreclosure documents, but they say they don't own the porperty. Also checked with the financial co who paid the last taxes, also they say they don't own property. What do i do next?

Answer 1

Get a realtor.  You don't pay a realtor, the seller does out of the sale price.  Find one to do the hard work and get your money and credit in order.

Answer 2

You might try the county recorders office. Go in with the street address and they can look up who the owner is and their present address.

Answer 3

It doesn't look like the foreclosure process has been completed by the bank, yet.  This is a legal proceeding.  When it is complete (90-180 days depending upon your state of residence), then the bank owns the property and they can sell it.

We just bought a foreclosed home.

Answer 4

The first bank has "sold" the loan.  You could look it up under "Assignment of Deed of Trust" but you'd be looking under the first bank's name at the Recorder's Office.  

The problem recently has been that the loans were sliced into 10 portions (called tranches) and sold on Wall Street.  A whole bunch of people now own 1/10th of a house and they don't know who the other 9 owners are.  It's a mess.

You will just have to wait until a For Sale sign goes up. /