Credit Guides And Credit Services

tep is to contact the lender, whose information is usually on RealtyTrac's Property Details page. You should contact the lender directly and ask for their REO or asset management department to find out how you can view and possibly make an offer on the property. REO means "Real Estate Owned" by the lender. It's another way to say the property has gone through the foreclosure process and has now been repossessed by the foreclosing lender. Some bank-owned properties on RealtyTrac will give you the option to contact the property's listing agent directly. You'll see a link to do this either at the top of the property details page or in the Contact section of the property details page. RealtyTrac usually has the name of the lender/bank listed on the property, but if you have trouble finding a phone number or address for them through the Internet or otherwise, below are suggestions for tracking down the lender. 1. Contact an Agent to find a local real estate agent in the RealtyTrac Agent Network who can help you contact the lender and who can check if the property is already listed on the market with a real estate agent. 2. Use the History of Notices tool to check if RealtyTrac has any further information on that property. To use this feature, click on the "History of Notices" link on the Property Details page (under property photo). This feature will give you a list of records RealtyTrac has for the property. Other records may have more information, such as the lender name, address and phone number that was missing on the original property record. 3. You can use RealtyTrac s Xamine tool to check if the property is listed with a real estate agent. RealtyTrac's Xamine tool can be accessed by clicking "What's Next Evaluate The Property" on any Property Details page. On the Xamine worksheet, select the MLS tab and click "Search" at the bottom of the page. If the property is not listed with an agent, then you will need to contact the lender directly. 4. You can contact the local property assessor to find out the owner s name and mailing address. Since the property is bank owned, the property assessor should have the bank or lender listed as the owner. Go to statelocalgov.net to find the local property assessor in your area. Contact Owner: Government Owned Many government-owned properties are already listed with a real estate agent, and you should see a link to contact that agent in the Contact section of the property details page. If the listing agent's information is not available, you can contact a local agent using RealtyTrac's Agent Network (click on the "Contact an Agent" tab at the top of any member page on the website). Or you can try to contact the government agency listed directly. STEP 5. Make an Offer If you have never purchased a foreclosure property before, we recommend that you have a real estate agent help you prepare and make an offer. Contact an Agent to find a local real estate agent in the RealtyTrac Agent Network. To get an estimate of the potential bargain for any property, you need to find out the estimated market value of the property, how much is owed on the property and if the owner has any other loans or liens encumbering the property. On the Property Details page, RealtyTrac usually provides the estimated market value and the estimated balance of the loan in foreclosure, called either the Balance, Opening Bid or First Loan Amount. Click on the Check Loan Lien History section to view a report that lists additional loans or liens on the property. Click on "Check Comparable Sales" to view up to 15 recently sold neighborhood properties and an analysis of property values in that neighborhood. Add together any outstanding loans and liens and estimated repair costs and subtract that total from the estimated market value of the property. You can plug the numbers into RealtyTrac s Xamine tool and it will calculate the potential bargain for you. RealtyTrac's Xamine tool can be accessed by clicking "What's Next Evaluate Property" on any Property Details page. Based on your research of the potential bargain, you can make an offer. Usually the offer amount is somewhere below the market value but above the total outstanding liens and estimated repair costs. If the property is a pre-foreclosure or bank owned, you could prepare an offer similar to a typical purchase offer, contingent on a full inspection and title search. If the property is selling at auction, you will need to make your offer, or bid, at the auction. In many states, bidders are required to pay in cash in the form of a cashier s check at the auction. You probably won t be able to conduct a full inspection and title search when you buy at an auction, so it s important to do careful research before attending an auction. Property Foreclosure Overview and Foreclosure Process at RealtyTrac Are you at high risk of having your home foreclosed on See the foreclosure timeline. Understanding foreclosures is key. Find out what options you still may have to avoid, stop or prevent the foreclosure process. Check out RealtyTrac's stopping foreclosur Foreclosures Home Foreclosure Center Foreclosure Overview Foreclosure Process Foreclosure Overview Foreclosure Process What is Foreclosure Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).<

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