Are you talking about a deed in lieu? It has nothing to do with bankruptcy. Once it is complete the bank owns the property. The previous owner/mortgager cannot sell the home. It will most likely become an Reo.
Are you talking about a deed in lieu? It has nothing to do with bankruptcy. Once it is complete the bank owns the property. The previous owner/mortgager cannot sell the home. It will most likely become an Reo.
Are you talking about a deed in lieu? It has nothing to do with bankruptcy. Once it is complete the bank owns the property. The previous owner/mortgager cannot sell the home. It will most likely become an Reo.
Thanks Mark Ferguson. I guess I'm not sure... all he said was "I've surrendered it to the bank."
Check the county clerk and recorder records. If the Deed has been recorded and shows the bank as the grantee, it is a bank REO. At this point, you can contact the bank REO department to inquiry about buying the property. If they have already listed the property with a real estate agent, then you should work with the agent/company.
Most times a deed in lieu is not recorded for weeks or even months after it is signed. They clerk and recorder may not be the most accurate place to look.
95% of Reo departments at banks won't talk to you. You will have to wait or it to be listed.
Beth D. this can be a confusing situation. I have a rental and the neighbor filed bankruptcy, I asked about purchasing the home and he said the bank owned it from the bankruptcy.
Funny thing is 2 years later his name is still on title, and he lived there a total of 3.5 years without paying(as far as I know). He is now out of the house and it is going on the market as a homepath property next week. I never did get the full story, but I have a feeling even the former owner doesn't really know.
Tom,
I am an Reo broker and we have closings delayed all the time because a deed in lieu or deed was not recorded in time. I deal with hedge funds buying reo as well and we are always waiting for either the selling or buying side of the Reo to get things recorded so the next buyer can close.
I understand. I had a bank in Walsenburg approach me to buy their REOs. I do very thorough research that includes checking the recording records. The one property that caught my eye, they took back about a year ealier. Yet, the Deed was not recorded. The bank had no idea.
Closing day can be exciting ... and then closing day can be disappointing.