[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.

[Aunt Donna]

The clerk of court's office has a record on property owned and who has a lien on it. I used to work for a credit bureau and it was my job to go into the clerk of court's office and pull information for the credit bureau. If the home is in foreclosure, then the bank has a judgment against it. All of this is done through the clerk of court. I hope this helps.

[Rhapsody]

Thanks it helps a lot....

Can the owner still try to sell the home even if the bank has a judgment against them?

[perpetuallysad]

If there is still an owner, then the house hasn't yet been foreclosed on. The bank will not allow someone who lost a house to continue to list it for sale or to live in it after it has been foreclosed on. Depending on where you live, foreclosure takes a few months to finish once the process has been initiated by the bank.

I know you guys are looking for a deal, but if you bought the house from the owners, before the foreclosure, you would be doing them a great service by helping them to not become foreclosed on and not have that over their heads forever. Also, once the bank has it for sale, there will be an auction for the house. So the initial bid may be set for $37k but, depending on the number of people who show up for the auction, that could be much higher.

You know, I just re-read your post. Its possible you saw the house on line as a foreclosure and the people who have it up for sale now have already purchased it from the bank and are try to "flip" it.

As mentioned, each state has its own laws on foreclosure. If federal money is involved there likely are more rules and regulations to look at. In my state, the period of redemption can exceed one year if subordinate lienholders get involved.

The foreclosure process is fraught with pitfalls for the unwary. Getting a real estate lawyer involved is my suggestion for those not confident in how the process works.

Caveat emptor.

[Hippie]

My heart goes out to the foreclosed on owners.

[Timgt5]

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.

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.

[Rhapsody]

Does anyone know of a foreclosure site (listing of homes) that does not charge you?

Here is one: http://www.foreclosurefreesearch.com...homes_list.htm

Another: http://www.freeforeclosuredatabase.com/

[Rhapsody]

Originally Posted by perpetuallysad

You know, I just re-read your post. Its possible you saw the house on line as a foreclosure and the people who have it up for sale now have already purchased it from the bank and are try to "flip" it.

Yeah, we were just talking about it possibly being a "flip it" deal - Thanks.

[Rhapsody]

OK - I think we have found a home that we like (3/2) and we are trying to obtain a contract on it by April 30th so we can get in on the Government Tax Credit.... Does any one have any suggestion for us or any home buying advice?

[Rhapsody]

Well, sadly we did not get the first house we placed an offer on (some one else must of placed a better offer on the table) - but I have not given up I am still looking and I know our new home is out there some where just waiting for us to find it.

Do you have a real estate lawyer?

[Yoda]

Is this the first house you have ever bought? You can get a special loan for first time buyers.

It has been quite awhile since my first but you might find this site helpful.
http://www.fha.com/

[bioswm]

not sure about where you are, but here in Cali there is a website called Metrolist that lists local homes in norcal including bank owned. Might be something similar where you are

[Rhapsody]

Thanks for the replies every ones... we have since gotten a Realtor that is working to help find us that perfect first home.

Good luck, Rhapsody