Can you find out which bank owns a house?

Question

I have my eye on two homes in my area which are REOs.

The same thing is happening for both homes. I have called the listing agents (different companies), spoken to someone in the office, who gave me little information (bed/bath etc) and said someone would call me. I have called both of these offices many times, and in some cases even spoken to agents (who were not the actual listing agent... who said that the listing agent would call me back). 2 months later... no one ever calls me, these properties are NOT sold ( I though they were maybe ignoring me because they have their investors lined up) and still no one will give me any information or access to the homes.

At first I think its because I told them I was liscenced. Recently I have been saying that I'm a buyer (because its true) but I guess even that didn't help.

So, question is- can i somehow find out which bank owns the homes and deal directly with their asset manager? I mean, the homes are sitting there, listed and not sold for two months, in an area where REOs are sold in days!

Jeff B. · Answer

If you are having a problem with a Realtor not performing their basic duties then you should contact the licensing agency for your state.  In California it's the California association of Realtors.

I've had a similar problem with a listing agent and after my Realtor contacted the licensing agency and they contacted the Realtor the listing agent was on the ball.

Mark Updegraff · Answer

Search the county clerk's data base.  In my area, I first search by street address, which leads me to the owner, then you can see who the mortgage is with...

Anson Young · Answer

These properties are likely still in valuation at the bank and havnt been put through to the listing side yet.  I know most of our properties sit for 1-2 months while all of the tasks are done and the bank is ready to list.  This bank could have a 24-72 hour hold off on any offers when it hits the MLS, so you are still wasting your time.  Being on a team that has sold easily 1000 houses in the last 3 years, I can say there has only been THREE times where an investor directly contacting the asset manager (not due to our lack of response, by the way  :D ) turned out anything but the AM getting pissed and referring them back to us.  And of those 3 times, that investor didnt end up with the property anyways.  This is with 35 different bank clients as well.

Nobody likes to admit it, but on the asset manager side (if they work a specific territory for a few years) and the agent side there are blacklists full of people who waste time.  I have emails from asset managers rejecting offers from repeat offenders (wholesalers who flake because they couldnt find their end buyer, investors who bid up the house to win it from others, then knock the price down on inspection... etc etc).  You dont want to be on the black list

Michelle Lenahan · Answer

Check the Trustees Deed.  This should be recorded within 15 days of the sale.  You will see the actual investor on the Trustees Deed.  This will also tell you if the property is owned by Fannie or Freddie.  The assigned asset manager is not a matter of public record and can vary from lender to lender based on the investor or reinsurer. 
If you are trying to buy properties directly from the bank it may be helpful to know who the players are and who the asset manager may be.   On some occasions the Trustee also has an Asset Management Division and you would contact them directly (LPS, First American, Old Republic, Trustee Corps) Some lenders handle the asset management through their own REO Departments (World Savings) and still others may use up to 8 different asset managers depending on the investor (Chase).   There are even a few that use one asset management company exclusively (Wells Fargo uses PAS). It will take some tenacity and luck to reach the right person but it can be done.

Steve Babiak · Answer

Bypassing the listing agent to go directly to the asset manager, although possible, would be ruinous to any relationship you could hope to build with the listing agent.  Not only that, but the REO listing agents have good relationships with the asset managers, that's why they get listings repeatedly (volume is the name of the game in REO due to puny commission percentages); you have absolutely no relationship with those asset managers.  you probably won't get far at all trying to do this.

I too experience what you described - some of that is chalked up to typical realtor mindset (where they think most "investors" are just wasting the realtor's time).  But when you get a relationship established with a listing agent, and you actually close on one of their listings - you will then be among those they consider worth giving time to (and lockbox combos too :wink: ).

Now, when you mention that you are licensed, then why can't you just look up the MLS listing?  And check it to see whether there is something to the effect of "a licensed agent acting as principle will not be entitled to any commission".  Basically, make sure the listing brokerage gets as much commission dollars as they can - that's what they're after, after all.

Bill Gulley · Answer

Hi, I liked Jeff's reply, but then holding feet to a fire is almost a past time for me, LOL. If people are not doing their job or what they should be doing, turn them in, if they continue messing up the board and regulators may take future actions that can't otherwise be taken if such activities were not reported. It's like their personnel record.

The tax records are usually not kept up to date as quickly as a foreclosure proceeds.

Go to the recorder of deeds office in the county where the property is located. With the legal description of the property you should be able to see the last entry on title for that property which will be a deed-in-lieu-of-foreclosure or one of the deeds used in your state from the foreclosure sale.

If there is a legal notice publication or newspaper you can search with the property address or the borrower's name, you'll see who filed the notice of sale.  Good luck, Bill

Phil M. · Answer

Go through county property records and the name of the bank or financial institution will come up as the principal owner.

Robert Mack · Answer

To find out who the owner of the home is (which bank if it's a reo) all you have to do is search the property records and find the name on the tax bill or deed.

In most counties it should be online, just do a google search - [county name] property records, or something similar.

I'm not sure how easy it will be to get to the asset manager.  If you're licensed, do you have access to the mls?

Can you find out which bank owns a house?

Most Popular Reply