How to Find Out Which Bank Has a House Foreclosure
It may be easier than you think to find out which bank owns a particular piece of foreclosed real estate. Most counties in the U.S. and Canada make information about real estate ownership readily available, at no cost, online. Otherwise, you can go to the office in person or call the county recorder's office. If a personal visit is not convenient, a local Realtor or title company may be willing to help you for a small fee.
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Instructions
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Locating Real Estate Ownership Information Through Public Records
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If you are interested in a specific piece of real estate and would like to learn more about the property after foreclosure has taken place, you can perform your due diligence on the property through the county's public records. Begin your search by going to the appropriate county website, then search for the "County Assessor" or "County Clerk." Because every county website is structured differently, you may have to spend some time exploring for the appropriate page.
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At the assessor or county clerk's web-page, locate the section that allows you to "Search Real Estate Property." The website may allow you to search in different fields, including account number, property owner or property address. Any additional information you can learn about the property before you begin your search of the county records will help you to quickly identify the correct property.
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Once you have located the property information page, you should be able to locate the owner's name and mailing address. If there has been a recent change of ownership through sale or foreclosure, the county may not reflect the correct owner. "Sales Information" on the page can give you such valuable information as the reception numbers, past sale dates, past sale prices, deed types with each transaction and book and page numbers.
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Once you have located the bank that owns the property, you can contact the REO (real estate owned) department for more information about the property's availability for sale. The bank may have already assigned a real estate broker to act as the listing agent for the property, in which case they will refer you to the agent should you want to preview the house or submit an offer.
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Note that some states, California for example, does not provide ownership information, by name, through their county websites. You can, however, get the information in person, or by filling out a "Public Inquiry Form" and e-mailing your request to the appropriate county clerk. Include the assessor's identification number or the complete address for the property that you are researching.
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Tips & Warnings
Notices taped on the front door or a front window may tell you which bank owns the property.
You can sign up with some counties, title companies and real estate brokers to receive lists of foreclosed properties on a regular basis.
As with any real estate purchase, if you are considering the purchase of a foreclosure, you should have the property thoroughly inspected by a professional to be sure that there are no major structural issues or costly repairs needed.
Banks may stipulate a number of conditions for the sale of a foreclosed property through an addendum to the sales contract. Be sure to review the addendum carefully before signing.
References
Resources
- Photo Credit gold bank image by John Sfondilias from Fotolia.com
