foreclosuring/foreclosure - are all banks equal

foreclosuring/foreclosure - are all banks equal

Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes

I'm digging around on the public records site searching 'lis pendens'. 

Got there after finding a property for sale that is being 'short saled'. I then started thinking after seeing so many variations of lenders foreclosing, which ones may be easier to deal with.

In my search I found Ocwen (that I hear nothing but bad news about in BP forum), regular banks like Bank of Mellon, Wells Fargo, Deutsche Bank, and others that are are more local to my area.

All of the lis pendens I found I know are not all short sales but because they are in the foreclosure process, I'm wondering how to approach the owner or bank after looking at this list of properties.

It doesn't seem to matter about whether it's a short sale or already at the 'almost-end' of the foreclosure process (when the bank gets the property) that it takes a long time because of so much red tape processing. Although REOs seem to also take long - I looked at a property months ago that went to another buyer that is still pending.

Anyway, are there any advantages in dealing with certain banks in the foreclosing process that may be easier to deal with or is it that everyone, regardless, is going down the same road.

Thanks

:-)

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    10y

    The key will be the owner, and whether they want to cooperate or not, much more so than which lender. Most just want to ride it out, or hope for some miracle to fall out of the sky at the end. Properties with multiple mortgages and HOA liens are tougher, but still doable.

  • Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
    10y

    @Wayne Brooks

    So, if I can find a lis pendens that was recently filed, I should be able to approach the owner to purchase the property. Given that there is equity in the property and no multiple mortgages or HOA liens it would amount to whether the owner / bank would accept my offer. And a title search would reveal the liens.

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    10y

    Rarely is there equity, but if there is the bank won't take a discount.  Usually, these will be short sales.

  • Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
    10y

    @?Wayne Brooks

    Meaning the price will be very close to what they want to get, I see.

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