Who owns foreclosures

Would love to be proven wrong, but from what Iv seen once the wheels of the foreclosure process are turning the bank will ultimately auction it off or list it on the MLS, and do not accept off market offers. I'm interested in buying it The record shows the owner as the woman who bought it in , but I'm pretty sure the house has been foreclosed on Whoever is paying the property taxes for the building usually either controls or has some ownership interest in the building.

It would be rare for the lady to continue paying taxes on the building if she was foreclosed on Hi Lindsay, Have you also checked the tax records to see if the property taxes are current? If the taxes are current and the owner of record is the purchaser, there is a good chance that she is still the owner of the property.

You can also check who holds the mortgage if any. I'm pretty good at tracking these things down, so if you need any additional help please feel free to contact me. The county clerks office maintains the records of ownership. The foreclosing bank would have to deed the property to itself, which I understand most don't do under the circumstances.

I had the fortune of paying off the mortgages, and my understanding is I'll be paying from here on in. I waited, got no notices, no bills, called them, Then I'm told I should have notified them that the mortgages are paid, and they need paperwork form me to change the bill to party.

Banks don't notify them. They have the name of the owner, the bill to party, which normally is the bank. Told that it's not the bank's responsibility to notify them of the change but mine. So if you check the tax records, if the bank continues to pay the taxes, it will show taxes being paid. If the bank doesn't pay, it will show delinquent taxes. So the way the county handles the records, I can't see how you can tell the real owner of record, and who is really paying the taxes.

I doubt the owner would be paying the tax bill either, or notify the county to change the billing address. Great comment Frank, but I think we'll find that every state is slightly different.

In Georgia, the tax records seem to be fairly up to date I saw that Lindsay is from Buford, Ga and assumed the target property was also. That could be a bad assumption. Maybe she'll visit again and give us an update.

Frank Chin Regardless of what county level process is, typically if the mortgage is current, there is usually no reason why the bank would be paying property taxes for homeowner. The banks generally aren't that nice. If the homeowner neglects to pay property taxes, there would be a tax lien placed on the property, and is paid first before lender if property were to be sold. This is a completely different can of worms.

If homeowner defaults on mortgage and bank already foreclosed on them, then bank would be paying the taxes while its in process of selling it. If at anytime the person paying the property tax, appears to be an individual and not the bank or the bank's agent, or mortgage servicer etc. Tax records have a way of being accurate because the county has a way of getting its money.

Zombie Homes. According to the article, NY State recently created a registry of Zombie homes a year ago. This due to the fact that banks foreclosed on homes, never taken title, owners are long gone, and local governments are forced to maintain them.

I always thought as you do, tax records are somewhat accurate. If this is so, why all the fuss to create this registry, and why would the county and local governments spend millions of dollars on maintaining zombie homes if local tax records are accurate, and all they go to their own offices and check on it, find the owner or the bank in their own files, and have them take care of it.

The home I lived in, the bank foreclosed on it for quite a while, two years, they paid the taxes on it, but never took title. Yes, they were that generous. Only after the auction sale to me that they deeded it to themselves, and from themselves to me.

Yes, after the auction sale, the records became accurate. Frank Chin That would only happen if the bank does the math, and the cost of traveling from the bank to the courthouse exceed the value of the property, then they obviously wouldn't give a hoot about it then. No bank in their right mind would bungle an asset of any worth.

Most banks have divisions that specialize in managing foreclosed properties - that is literally all they do. If the sole job of a banks dept. You're exactly right. You said it the best, one type is homes that banks don't give a hoot. The state registry aims to takes care of that, especially those banks that did the math.

I know very well banks do take very good care of some foreclosed properties, the good ones, as I bought and lived in one myself. Thank you REO bank, especially the nice paint job you did before I moved in. I think everyone in the REO dept. The REO market offers buyers a unique opportunity to invest in a variety of properties in a diverse range of conditions and price ranges.

Bank of America has loan products that can help with the purchase of an REO property. Beginning the prequalification process is easy and you can get started at the Bank of America Home Loans website. Many foreclosed homes are listed for sale the same way as traditional homes. In addition to searching the usual resources such as newspapers and online real estate listings and websites, you will want to search various bank and government websites for REO properties. Auctions are another way you can access and purchase an REO property.

There are two types of auctions that may occur, a public foreclosure auction or public auction through an auction company. A public foreclosure auction can occur when ownership of the property officially transitions to the bank. If the property is not sold during the public foreclosure auction, the property is then listed with a real estate agent.

You can purchase the property from the bank through a real estate agent once the property has been listed. After the property has been listed with a real estate agent, marketed for a set period of time and has not sold, the bank will often transition the property to an auction company. Many auction companies sell properties from various banks and investors, holding auctions across the country either in-person or online. Search online for foreclosure auctions in your area.

Be prepared if you decide to purchase at an auction, most auction proceedings happen quickly and you have little time to deliberate. You may also not have the opportunity to inspect the property and instead have to rely on photos and printed descriptions.

Despite these challenges, auctions can be a good resource, as long as the excitement of bidding does not lead you to buying a foreclosed home at an inflated price or more than you can comfortably afford. It is always a good idea to do your research and set your budget before you attend an auction. You should work with a real estate agent who is experienced with REO properties.

An experienced professional can guide you through any additional paperwork that may come with buying a foreclosed home and can help you determine if the price is a good value. Getting a home inspection is always a good idea, but it is particularly important when buying a foreclosed home. Given that the bank has not maintained or had first-hand knowledge of the REO property prior to acquisition, there may be no record of property repairs or maintenance that would assess the true property condition.

Be sure to have a licensed home inspector evaluate the condition of the house. Most REO homes are sold as-is, and the cost of repairs typically becomes your responsibility. Make a list of everything that needs to be fixed, research the costs, and factor in those costs to any offer you make to ensure you could cover the costs on top of your new mortgage payment. Please keep in mind, de-winterizing a home may be necessary to complete the inspection.

A title search is always recommended for any real estate transaction. A title company will check the property for liens outstanding debts someone is attempting to collect against the property as well as verify that the deed to the home is correct.

A title search is especially important when buying an REO property due to the unique transfer of ownership at foreclosure.

Another wrinkle in the transfer of ownership is that your lender will probably send a representative to the auction to bid on your property.

Lenders often set the opening bid for the least amount they're willing to accept and sometimes end up buying back the homes they've foreclosed on. This results in "REO" or "real estate owned" — not a good thing for your bank. It now owns your house, but what it really wants is money to satisfy your loan. REO homes are typically listed with brokers in the hope that they'll sell to new buyers sooner rather than later.

It's a foregone conclusion that after the auction, you'll no longer own your house. Either a new buyer will purchase it, or your lender will take it back.

With judicial foreclosures, however, you usually get a redemption period after the sale, a certain amount of time during which you can attempt to pay off the loan so you can keep your home. In California, if your lender opts for a judicial foreclosure for some reason, your redemption period can be as much as a year. Your property is in legal limbo during this time.

Even if someone buys your home at auction, title can't legally transfer to him until your redemption period has passed. You can usually stay in your home until the deed can transfer to the new buyer.