Ever Sold an REO before it hit the MLS?

By
Real Estate Agent with Kettley Realtors

It's an exercise in futility I'm sure....but for the second time I've decided to pursue the purchase of a bank owned property for a client BEFORE it hits the MLS.  Why would I willingly submit msyself to such punishment?  Well, my clients asked.  And I'm curious. 

I am working with buyers who are pre-approved and they have signed a buyers agreement with me.  They are good solid buyers.   They have been driving by this house and keeping an eye on it for months.  It's vacant - the grass is overgrown.  And now the roof is leaking. 

Today I went to the County Recorders office and the county courthouse to get as much information about the property as possible.  The foreclosure took place June 9th, 2008 and a sheriffs order of possession was filed June 23rd.  According to the order of possession - the owners had 30 days to vacate.  I've told my clients this is a long shot but we are going to try. 

I am trying to track down who actually owns the mortgae.  According to the county records, the mortgage was provided by Countrywide.   While visiting the property - there is a tag on the front door that says the property was serviced by Countrywide on June 8th, 2008.  But in October of 2007, the lis pendens was filed by "Bank of New York as Trustee for the certificate holders CWABS, INC. Asset-Backed Certificates Series 2006-6".  And in November of 2007 an assignment of Real Estate Mortgage was filed by MERS on behalf of Countrywide saying "MERS as nominee for Countrywide Home Loans INC. hereby sells, assigns and transfers to Bank of New York as Trustee for the certificate holders CWABS, INC. Asset Backed Certificates Series 2006-6 its successrs and assigns, all right, title and interest in and to a certain mortgage....for borrower"

I'm assuming this means that the property mortgage was sold as part of an investment instrument.  My question is - who actually owns the loan now and who will be handling the property as an REO?  Will it still be countrywide?  Is countrywide stil servicing the loan on behalf of New York Bank/CWABS?  And who is CWABS, INC.?   

Bo Buchanan Kettley Realtors Signature Oswego

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

 

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Rainer
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Matt Yogerst
RE/MAX Realty 100 - Menomonee Falls, WI
Metro Milwaukee Real Estate

although i dont know the answers to your questions.... here is a tip...

if you keep an eye on the property the selected listing agent will have the property trashed out, new locks, and such done prior to listing it on the MLS. You can then contact them prior to it hitting the MLS for an inside jump on it.

I have been able to track down about 5 properties prior to listing, and directly contacting the lender proved fruitless. They want it listed to get 'exposure' and 'ensure' a no-pocket listing type sale. But I have gotten 2 closed sales by keeping an eye on it and getting early access through the LA and submitting an offer right away. Good Luck with your Buyers!

Jul 21, 2008 06:07 PM #1
Rainer
51,193
Tyson Robinson
Trillion Real Estate - REO/Bank Owned Specialist - Murrieta, CA

I agree with Matt. Best shot is through the Listing Agent. I've got a couple deals through before we even put the property on the MLS. A few of our asset management companies/banks will entertain offers prior to the MLS. I'd say submit an offer once you figure out the LA and give it a shot. Good luck! Hopefully by now you've found them a home:)

Sep 02, 2008 08:51 AM #2
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Rainer
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Bo Buchanan

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