Finding the Bank Contact Information of a Property in Foreclosure

There is a property that has gone into foreclosure. I have a buyer that would like to purchase this property but I cannot find a contact person with the bank to help us with the procedure. Can you tell me how I should go about getting a person that can either give me information on making an offer?

1 Answer

A property that has gone into foreclosure does not mean that the bank owns the property. Foreclosure is quite literally the process of taking back (foreclosing) a property. If it is currently in foreclosure than the bank does not own it, the original buyer still owns the home. From there the property will go to sheriff sale or auction. At that point anyone can bid on the property and the funds from the sale are paid to lien holders, in this case the bank that started the foreclosure process. If the property is not purchased at the sheriff sale it will then be owned by the bank. Additionally the bank can choose to bid on the property at the sale if they feel that they can make more money selling the home than allowing another bidder to buy at the auction.

If the property is in foreclosure you would need to contact the property owner not the bank. If the property has completed foreclosure and gone to auction, and the bank took ownership than you need to speak to an REO manager at that bank. You could simply call that bank and ask to speak with someone in their REO department. Most of the time banks will list their REO's with a Realtor or an asset manager in order to sell them. If this hasn't happened there is a good chance that the bank doesn't actually own the property at this point.