Quote:
Originally Posted by Rhapsody
How does one go about finding out what Bank holds the deed on a house that has gone into Foreclosure? - I am asking because my husband and I have found a house we would like to buy and the present owners are asking $89k for it, but I know I have seen the house listed online as a foreclosed home at $37k.
Thanks.
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The best way to determine lienholdings is via a title search, done through the county as mentioned before.
When someone tries to sell their home ahead of pending foreclosure it is known in the business as a "short sale" Often people just want the remaining balance on the loan. As of the last year this has been the case with many small builders, who are stuck with properties they cannot sale.
A word of caution when buying a short sale or bank owned (foreclosed) property. Make absolutely sure you have the property inspected and properly appraised before making your decison. If a person could not make their house payments, then it is likely they also may have skipped on some needed repairs as well.