Tracking down info on an REO... Joe K? Anyone? - Posted by Krista(WA)


#1

Posted by Irwin on February 23, 1999 at 17:51:07:

so now we have to go to PLAN B. I don’t have any idea how foreclosures are processed where you are, but there are two approaches. First, if foreclosures are handled through court, and if there was a sheriff’s sale, go the the county sheriff’s office and talk to the person who runs the sales. They can probably tell you which attorney handles the cases for that bank. If you know when the sale was held, they can probably find their records on it and give you a lot of information. The debt amount, the bid amount, etc… If you are in a power of sale state, where courts and sheriffs aren’t invoved, start calling all the local foreclosure attorneys in the County where the property is located (hopefully the attorney who handled it will be from that county, but he doensn’t have to be) and asking them if they represent this bank, or if they know who does. You will have to know the name of the person who got foreclosed, i.e. the last owner, because most of these people file by name and not case number or property address. Someone should be able to steer you to the right lawyer, who, hopefully will be able to steer you to the person to talk to at the bank.
Failing that, just start moving your stuff into the house. Sooner or later, probably sooner, someone representing the owner will show up to kick you out. Have a purchase offer ready to hand them. :slight_smile:


#2

Tracking down info on an REO… Joe K? Anyone? - Posted by Krista(WA)

Posted by Krista(WA) on February 22, 1999 at 19:05:12:

Help!

There is a house around the corner that my hubby and I have always walked by (in warmer days) and said, that would by a great fixer to get our hands on. Thought even crossed my mind to send something to the owners just in case they might sell. It is an awesome house in an awesome NB, but it is a mess. The house next door is almost identical and in prime condition… beautiful. Maybe 170k-190k FMV. Well, just the other day, temp rose above 35 degrees, and we were on another walk when we noticed it was vacant! No sign, no window coverings, no sign of anyone. To my phone I ran for county assesor info. I was hoping to catch an out-of-towner between renters or before they listed. But it is currently owned by a bank! (One of those hit yourself in the head situations… WHY didn’t I act sooner??)

To make a long story short, it APPEARS that it was quit claimed in 95 (an estate?) then financed (not sold)in 96 for 141,600. Its tax assesed value is 111k. The last sale shown is March of last year for 89k! I was on the phone all day today trying to get info from the bank, but all I get is phone #'s that don’t lead me to real people who know anything about it! The bank’s REOs are handled by an asset servicing company called Premiere. But their phone# just gives a web address and hangs up! This property is not listed on their web address! I want a crack at this property BEFORE it is listed (if it’s not too late) and BEFORE any fix-ups are done! Any suggestions??? How do I find info for this property before it’s too late?

Thanks for your insight!

Krista(WA)


#3

Re: Tracking down info on an REO… Joe K? Anyone? - Posted by Bob-Tx

Posted by Bob-Tx on February 23, 1999 at 15:01:18:

I have had similar experiences…frustrating. You know, SOMEBODY must be concerned about this non performing asset you just have to find that person. First step,and don’t count on this doing any good, is to write to the address listed in the tax assessors records. Then just keep spinning that dial and talking your way thru their maze. Good luck.
Bob


#4

Re: Tracking down info on an REO… Joe K? Anyone? - Posted by Irwin

Posted by Irwin on February 23, 1999 at 05:10:40:

I agree with Perry. This sounds like it’s worth a trip to see the manager of the REO department of the bank. (When you say bank, I assume you mean a regular bank and not a mortgage company, which might be handled differently.)
Banks often list REOs with real estate companies, but also retain the right to sell it themselves. Check into that before trying to work with Premier.


#5

Re: Tracking down info on an REO… Joe K? Anyone? - Posted by Perry K. Harris

Posted by Perry K. Harris on February 22, 1999 at 20:41:06:

Krista, Do you live in the same area as the bank? Within an hours drive or so? It may be worth the trip, to face the bank’s REO officer in the flesh, and get an acceptable search link to Premiere. Is it physically feasible for you to visit Premiere? If you write up an offer to purchase the property, and then visit the bank, and indicate an interest in doing the financing at the bank, wouldn’t the bank rise to a higher level of service? I get the feeling you are not being taken seriously by the bank, perhaps they see you as just another curiosity seeker. The REO officer will certainly consider offering a known good deal, to prior, successful, investor customers, that have proven to be, worthy of problem free sales, in the past. Of course, in this case, Premiere has it, but the same “good old boy network” concept would apply. Just commenting on who your likely competition is, and where it can come from. Right inside that tight little banking fraternity. Think like your RE savvy competitors would. You can overnight an offer via the Post Office to Premiere, once an address is secured, or faster yet a fax offer, providing you find same. I would certainly offer a fantastically low price until I could inspect the property, or, offer the customary (weasel?) clauses. Did the public records show how much the bank paid for the home? Was there a forced action invovled? Where is the tax bill being sent? Ultimately, what is the value of the home in it’s current state, and what will it be worth fixed up, and how much will that cost? The phone saves leg work, but sometimes you’ve got to go to the field, first. Good hunting. Respectfully, Perry K. Harris


#6

The bank is not close… - Posted by Krista(WA)

Posted by Krista(WA) on February 23, 1999 at 10:51:25:

Thanks to both who have responded so far!

Unfortunately the “bank” listed on the tax records is in San Diego. When I got that number from information, I called and was told it was only a loan processing center, and they gave me another number that led to several others, all of which were dead ends. One live person I did speak to was at the “foreclosure dept” for the “mortgage” version of the bank I was looking for. After finding nothing, she said that some local “banks” may have loans they service seperately. All I know is, EVERYWHERE I’ve called has led me NOWHERE! I would love to walk into the bank if it was local… probably would be there right now. :slight_smile:

Any other suggestions?

Krista(WA)


#7

Re: The bank is not close… - Posted by Perry K. Harris

Posted by Perry K. Harris on February 24, 1999 at 22:13:23:

Krista, Go to the courthouse and get all the info. you can, on the house next door to you. I live in a town located in Central Il., with a population of approx. 16,000. All the government offices that relate to RE, are in my county courthouse. If you are in a large city, each office, may require a building of it’s own, compared to my situation. However, the concept of locating useful info. is the same. I will visit the assessor’s, the treasurer’s, the circuit clerk’s, and the county recorder’s offices, in my search. At the assessor’s office, I will go back into the vault, and pull RE property cards from filing cabinets arranged by township. Lincoln, Il., has two: East and West, # 8 and #12 respectfully. The common street address will usually get me the property ID #. The legal address, if unknown, will be on the card, as well as the tax ID # (the township # and tax ID # form the property #) Of course the legal address, will get you to this same place. From your message, you are obviously aware of this, and have had success with the telepnone, contacting the assessor. I doubt if it is practical to extract all of this info from the respective offices, by way of telephone. I am by no means trying to discourage you from calling. It has been my experience, that additional info. jumps out at me, off the hard copies, and is stuff I didn’t think to ask about or doesn’t seem pertinent to the assessor’s staff, therefore they don’t tell me about it, over the phone. On the card, will be a chain of ownership, and the instruments used to transfer same. A quit claim deed would be an example. The juicy stuff is the info. recorded about a given RE deal located in the recorder’s office. On the card, by a given ownership exchange, will be some numbers and letters. Example: V436/P171. That means in volume #436, and on page #171, you will find legal instruments pertaining to the RE exchange. It will varie, as to what you find and to what it is called. Deeds, mortgages, liens, releases, etc… Example: I’m interested in a particular house that a competitor, beat me to the punch. I find a contract to purchase, and learn it was an estate sell, and learn the names of each party involved. I learn the purchase price is $38,000, and I find a mortgage for $55,000. That gives the buyer $17,000 for fix up. Of course I learn the interest rate, the length of the note, the monthly payment amount, and the security for the loan. The house sells for $78,000, and the difference in profit, is $23,000. Maybe more, if the buyer has pocketed some of the $17,000. I find out about the taxes at the treasurer’s office. How much annually are the taxes, and are they current? Who receives the taxes, and where are they being sent? Has anyone bought the taxes ( brought them current), and is the property in danger of being lost to the tax buyers, (third year of paying taxes and payee can gain title)? Over to the circuit clerk’s office I go,where the legal wrangling is being waged. I ask for the “big book”, and an employee gives me just that. A big book, which has various legal categories in it, and I’m interested in one, in particular. The chauncery division. It will be annotated like this: 99CH18, which means it’s the 18th chauncery case for the year 1999. I ask for the file, and it is brought out and given to me. It’s folder size and will have every legal document and type of evidence pertinent to the action in question, involving the RE I am searching. Say it’s a foreclosure, the mortgage instument, the bank’s proof of attempting to contact the owner via newspaper ads and summons, will all be in there. Accrued interests, legal fees, delinquent payments, and the balance due, etc., gives me valuable info. to help me formulate a written offer. Most important of all, would be the note holder, and the agents acting on behalf of the party foreclosing, the attorneys. Krista, I would get this info. from your county courthouse, or whatever buildings in your area, house this info., on the double. You may encounter additional clues to help you track down the specific individuals that you need to make an offer to. You will gain addresses that you can send certified mail to. The learning experience alone, is worth the effort. Another tip about tracking absentee owners, is to use the US post office. For 33 cents, mail a letter to the address next door to you, or whatever house address it is you are interested in buying. Write on the face of the envelope you are sending: address correction requested. If it is less than a year, since an address change took place, Uncle Sam will put the forwarding address on the envelope, and return it to you, for another 33 cents in postage. Also for $2.00 or $3.00, you can buy the address by going to the post office and asking for it. I believe the address would be available for a year. You may get some vital info. from whoever had the property, before the bank got it. Good luck, remember, most luck we make for ourselves. Perry