Question on Foreclosed Home Process/Purchase

[Kyle Cabral]

Hi All,

General questions surrounding purchased foreclosed homes. I've been researching a lot lately and came across a seemingly foreclosed home that has not been listed on the MLS and was wondering if anyone could help educate me on the process. This question comes up cause a close friend of mine have driven by this what seems to be beautiful deserted home in a nice sub division where I live in New England. This prompted me to do more research and based on masslandrecords.com, I found that this home has been in forclosure for a few years. The assessed "value" of this home, is $550,000, although there is absolutely no chance that this home could even come close to that if listed in today's market.

A release of mortgage was issued by the bank in 2005 for the value of $440,000.  The home was originally sold for $550,000 in 2004.  Here are some more details and specific questions.

History

7/27/04 - $550,000 (sold)
3/30/11 - $489,900 - expired after being listed for sale

Release of Mortgage

Living Area - 3266sqft in 04 - Natural Gas Heat/Central Air

2011-  Oil Heat - 2600 sqft living

5br - 3.5 baths

COMPS in the are currently area around $400,000 but not in a location of this type as these COMP values are actually in busier locations and not quite as nice.

A couple of questions.

How can I get more information about this house?

Can I contact bank and make offer before it is listed as a foreclosure?

Very interesting that it was Natural Gas heat but now listed as Oil with 600 less square feet living area? Could someone guess on what could've happened?

But again, this question was more loaded around the process of someone defaulting on their loan, foreclosure process, ability of buyers to buy without being listed, and then the banks process to get it on the market again.

Thanks everyone for the help! Learn tons on this forum thanks to everyone.

Kyle