How to contact owner of a pre-foreclosure property?
Question:
How can I make sure that he receives my letter?
Also, I am not an investor, and I am not represented by anyone...I am just a young mother looking to acquire my first home at a reasonable price. Does this lessen my chances of being able to make a proposal that would benefit both myself and the homeowner?
Any guidance would be greatly appreciated. Thank you.
Answer:
Check your tax records. Most counties have them online now. There may be a mailing address for the owner that is different than the property address. If there is not, it is possible that the mortgagors, facing foreclosure, have abandoned the property. If that is the case you will have to wait until the foreclosure process plays out. Follow the property through the process. If you have the time, it will be a great learning experience even if you do not get this property.
Good luck.
At this stage contact the entity who carries the Mortgage that is being foreclosed on. Tell them of your interest and see what happens.
I do not know your state but remember even if you get this property as a foreclosure in many many areas the owner can redeem the property by paying all cost involved.
Be careful of as is, you could be buying a whole other can of worms.
If it is a great deal the bank officers are already lined up with people they know who want the property.
Good luck
You can get the public records of the property or contact the sheriffs office to see if the property is scheduled for the next sale and when it is. Go to city hall. Do not do your research on-line, usually this information is provide at the county clerks office. Or you can get an agent who specializes on foreclosures...If it is a pre usually by the time you get in touch with owner is too late and the bank has already purchased the property. In that case your next move would be to contact the bank and they will tell you who the listing agent is. Usually the agent will not disclose any information because the property might not have a price, but you can give them your contact info and they would contact you once the property is priced.
Many times someone who is being foreclosed on will not talk to individuals. Contact a real estate agent and give them house and they will make the contact. Being a buyer will not cost you any fees, the agent is paid from the seller, which is probably a bank.
If you make contact with a person who is going through foreclosure, be very careful. They may not have the right to sell it now, that is why you need professional help.
The PP are correct. But be aware that when you buy a foreclosed property, you are not only buying a house, but all the problems, liens and back taxes owed. Also, a lot of times, homeowners, when faced with foreclosure, will damage the property in some way to decrease the value. Friends of mine looked at several foreclosure properties, and they found beautiful hardwood floors destroyed, holes in walls, sinks ripped out, etc. Be VERY careful. That's not saying you won't be able to get a good, quality home at a reasonable price, but often, there are more liens against the property than just a 1st mortgage. There could be 2nd mortgages that will need to be paid, judgments, equity lines...all of this attaches to the property, and when you assume the property, you also assume the debt attached.
Sweetie do you realize it does not cost you anything to work with a professional who can help you, advise you and represent you? Call a Realtor. Foreclosures can be a good deal, but you need to understand that the banks/mortgage companies do not have time to deal with every single person who comes along who thinks they want to buy the place. If it is truly in foreclosure, the homeowner is no longer in title, contacting them will do you no good.
Be smart, stop spinning your wheels and visit some open houses and talk with the agents. When find one that you are comfortable with, ask them to help you find a home.
Forget the mail and go to the house and leave a note on the door and talk to the neighbors, they will give you a lot of information and maybe able to tell you where to locate the homeowner.
Good idea.. but take heed with what the other answers are saying -- they have some good advise
However, to answer your primary question: Simply contact the owner by first class mail -- in the US if the owner wants to be found he/she will have a forwarding address on file with the US post office. You can also check the local tax authorities to see where the tax bill is going...
Make sure you get title insurance for the transaction with NO exceptions..or with ONLY Standard exceptions.. this will find an second liens, back taxes due, etc. that you may be liable for..
Prior to closing be sure to contact an attorney to review the paperwork.. in this instance or you could get hurt if you do not..
Good luck
O.K. If this is the home you want and it is in disrepair, and the owners are not easily available than do some home work. The post office for a dollar will give you a forwarding address. Ask old neighbors, and or family (if it’s a unique name, blind call others with the same name asking for the persons you’re looking for).
THERE is a good change the owners want to talk to you more than you want to talk to them. Because they would love for someone to relieve them of the property, and save their credit.
Unfortunately, you can't be sure that your letter will be delivered. Many times, when a homeowner moves out of the property, they will not leave a forwarding address, since they are not interested in receiving hundreds of postcards for foreclosure help and dozens of letters from the bank's collections department.
Your best bet might be to find out who the owner is by searching the title records for the name on the deed. You can also do this by calling the county clerk/recorder and asking them who is on the deed of the property. From there, you can try looking up online a phone number and make a call. But unless you talk to the owner in person or on the phone, you can't be 100% sure the letter will get to him. You can get your letter with a return receipt, but there's still no assurance that it won't be returned to you unopened anyway.
If he has abandoned the property, though, the bank may have taken it over for now, to prevent looting or damage. They may have changed the locks and are safe-keeping it until the foreclosure auction. You can contact the foreclosing bank and their attorneys and state your interest in it, and they can hold it for you after the sheriff sale, since the bank will be the one that most likely purchases it at auction. Then you can attempt to buy the house from the bank.
Good luck finding the current owner, though, especially if he has moved on. If that fails, contact the bank and their attorneys and work with them. They can't sell you the house now, since they aren't the owners, but they can work with you to purchase it once it becomes theirs again.
Hope that helped a little.
ForeclosureFish
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