Q: I am a real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. agentAn Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state.A Real Estate Agent is an individual licensed by the state, who acts on behalf of the seller or buyer. For his or her services, the agent receives a commission, which is usually expressed as a percentage of the sales price of a home and is split with his or her real estate firm. A real estate agent must either be a real estate broker or work for one. in Georgia and I live in Roswell. I sold my home very quickly and am looking for a home under $300,000 in this area. I have made five offers in the last two weeks. Unfortunately they have been under full price and I have lost all of them.
This market is crazy in this area. I have found a property that I think is or will soon be a foreclosureForeclosure is the legal action taken to extinguish a home owner's right and interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds. in a property, so that the property can be sold in a foreclosure sale to satisfy a debt. in Roswell. I love the home and the area and really want to get this home. I have talked to the neighbors, but they know nothing about the home other than their names and where they used to work. What is the best way for me to see it and find out any info about the home?
I have looked on MLS, it was never posted. I have searched the county tax records. I see the homeowners’ names but that’s where it stops. How do I see who is legally in charge of this home? Is there a report that I can find or buy that shows pre-foreclosures?
Thank you for all your advice.
A: Congratulations on selling your home so quickly. We have been hearing that in some neighborhoods across the country – even in Georgia – homebuyers are starting to make offers and sellers, including REO lenders, are accepting them. It is the beginning of the normalization of the marketplace, which is so good to see after these past five years.
Sorry that your bids haven’t been the winning ones. If you have spied a property that you believe will go into foreclosure, but isn’t there yet, you can look up the name of the lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. through titleTitle refers to the ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! of a particular piece of property. records. You can contact the lender directly to see if the home has been put into foreclosure and is available for sale. If not, then you may be able to contact the homeowners and try to do a short sale offer through them.
The problem is if the property is living in a nether-world – neither in foreclosure deed-in-lieu, but the property has perhaps been abandoned. In that case, you probably can’t do anything until wait for the property to go through the foreclosure auction and perhaps pick it up there.
In some states, specific information about properties is easier to get than in others. For example, in some states you can go online and review the title file for a specific property, review the history for the home and even download documents relating to the title for the home. Other states make that process more difficult. However, all states require that home lenders record the mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. or lienA Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a contractor on the property that has not been paid for). For a lien to be attached to the property's title, it must usually be filed or recorded with a local county government office. documents. When those documents are recorded, they generally become part of the public record and there is generally a way to view the documents.
You might have to drive to the office where documents are recorded in your county and see if you can have a copy of the document copied and given to you. You may have to pay a small fee, but if you get the right document, you should have the ability to determine the name of the lender on the property, the original amount of the loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interest. given to the homeowner and some other significant loan terms.
You should also know that there are companies out there that have this information available to prospective real estate buyers. They may charge a fee for their services, but these companies compile information about properties that are delinquent and may be going into foreclosure and also properties that are going through foreclosure.
Finally, if the lender filed to foreclose on the property, in states (not Georgia) where the lender must obtain a court judgment to foreclose on the home, you can go to the courthouse and review the court file. You may even be able to review some or all of the court filing through an online search.
But even if you find the information you are looking for, if the lender holding the mortgage is a big box lender, you may have a hard time finding any other information about the property and may only be able to buy the property when it goes for sale at the courthouse steps. If the lender gets title to the property and lists the property on the multiple listingA Listing is a property that a broker agrees to list for sale in return for a commission. service, then you can try to buy it as you have tried to buy other properties.
As an agent, you know that there is no one right property. If you get a property at the right price and on the right terms, it’s right for you at the moment. If you are persistent and a little wily, you might get your hands on a property that would otherwise go to a savvier investor. But if a home isn’t for sale, then it isn’t for sale – and your tenacity won’t help.