One of the most common questions of late is: "I have been watching this house that got foreclosed on, i really want to buy it, how can i find out which bank owns it?
The first thing you should know is that virtually all banks do not sell the properties themselves in which they have foreclosed on. The bank contracts with an asset management company who then contracts with local brokers who are approved in their network.
When a property is purchased back by the bank at the foreclosure auction, the property is then assigned to that asset management company which then assigns the listing to an approved broker in that area. if the loan was insured by Fannie Mae or Freddie Mac, sometimes there is a delay in them taking over the property and getting it listed.
If the listing is assigned, once the house is vacant, that agent will post their name and number on the door. That is teh easiest way to find out who will be selling the property.
If you really want to try and find out who the ower is, You should start by checking with the city or towns assessor office, look at the tax card to see if the new owner (the bank) has been updated. If not you will need to check the old foreclosure listings to see who the forclosing bank or attorney was. If no luck you can take the name of the old owner, then search the deed to find out who held the mortgage.
If no luck will all these attempts, getting a buyer broker experienced in foreclosures, may be able to assist you in finding out this info or at last watching MLS for when it does come on the market.
PLEASE FEEL FREE TO ADD ANY COMMENTS OR SUGGESTIONS
UPDATED August 9, 2010
Blog written by:
Scott Godzyk
Godzyk Group Realty
Manchester NH
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