Flipper/Rehabber · eastern, WA · Member since 2017 · 35 posts · 19 votes
I found a multi-family property in disrepair (really beat up) that was sold by the county sheriff earlier this year. Never went to auction or even had a sign in the yard (and believe me, I would have known). So, county auditor shows me the Sheriffs Cert. of Sale and shows it was sold to Fannie for $115k.
My question is, how do I get it from them? There is a couple RE firms here in town that tend to pick up all the HUD homes, but they are beyond un-ethical and I really don't want to even bother with them any more than I already have. Just mentioning the place to them would guarantee me NOT getting it. But, regardless, I'm sure eventually one of them will have it listed, but I'm curious if anyone knows a way to snag it before they do. One line in the Sheriffs certificate that has me thinking is that "the property is subject to redemption by Nov. 17" of this year... what exactly does that mean? Naturally, I call the sheriffs office and it's like talking to a brick wall. Anybody have any thoughts?
Flipper/Rehabber · eastern, WA · Member since 2017 · 35 posts · 19 votes
8y
Thanks for the reply Ron. So you're telling me that there is no way around it? Just kick back and wait for it to appear on the MLS? I have a hard time with that. I've purchased a lot of houses, and there's always a back-door to be opened. I've kicked a few in myself, just never with FM (yet). Maybe talk with a good RE agency and see if they could pick it up before those other 2 perhaps? I don't know, but I'm not willing to accept the "sit back and wait" method. That's how you get left behind.
Another thought I had... I've always wondered why one of the two firms ALWAYS get those types of listings, and not one of the other 50 firms in town..
Rental Property Investor · Charlottesville, VA · Member since 2012 · 1k+ posts · 726 votes
8y
@Account Closed they have an ethical obligation to offer those properties on the open market to all buyers. You and I as taxpayers and property owners should want that so they get the highest possible price for the property.
The realty companies that get those listings have a contract with the agency in question. If you suspect they are not offering the property fairly to the market as a whole you should report them to the agency they are working for.
But one example of unethical behavior would be for you to somehow shortcut the process and be able to buy it without it being listed publicly for sale.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Yep, no short cut with Fannie. BTW, Fannie has no relation to HUD, so maybe you won't have to deal with your "favorite" agents. You can also go to Homepath, do a search, set up an alert for the property....it may pop up there before you notice it listed. Have your agent do the same in their MLS.