Question regarding home buying

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Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 7:54 pm

i have a question and cant find the home buying thread. My buddy lives in an area where I would like to move to. There is a home up the road from him that has been vacant for almost 2 years now. There are notices on the door that bank of america knows this home is vacant and since they are the mortgage servicer, they are going to "keep up" with the home. The house is unlocked and still has electric on; it has not been inhabited in the past 2 years. The grass is overgrown, and the house has nothing in it.

Long story short, how do I go about inquiring about the owners of this house and seeing if it is available for short sale? I know the owners names. they both left mail there with their old and presumably new addresses, as well as getting it through the tax parcel assessment site. Any help?
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Re: Question regarding home buying

Postby Hockeynut! on Sun Oct 13, 2013 7:55 pm

Just move your stuff in and start living there. If anyone confronts you, just tell them, "Finders keepers, losers weepers."
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:01 pm

hahaha. thats what my buddy said to do :pop:
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Re: Question regarding home buying

Postby Willie Kool on Sun Oct 13, 2013 8:05 pm

Why not just call BoA with the address and ask if it's for sale?
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Re: Question regarding home buying

Postby blackjack68 on Sun Oct 13, 2013 8:05 pm

My guess is BOA holds the house. The old owner may have no right to sell it.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:09 pm

I would call BOA if that would be beneficial?
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Re: Question regarding home buying

Postby blackjack68 on Sun Oct 13, 2013 8:11 pm

I'd start with the township/municipal clerk or tax assessor.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:11 pm

owners name - SCOTTDALE PA WESTMORELAND ANNUAL $972.54 7802-11 2011/12/02

Found there is an annual tax lien on the property?
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Re: Question regarding home buying

Postby viva la ben on Sun Oct 13, 2013 8:15 pm

Just be a squatter
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Re: Question regarding home buying

Postby blackjack68 on Sun Oct 13, 2013 8:24 pm

Foreclosures.bankofamerica.com

Then go to PA and find the house...if it's a foreclosure
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:28 pm

it's not on there. i just wonder if its one of those "zombie" properties ?
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Re: Question regarding home buying

Postby DropEmJayBird on Sun Oct 13, 2013 8:37 pm

So just bought a house, seems that it was once in a similar situation.

Young guy bought it - market crashed - he failed on the flip.
He ended up losing the house - it got foreclosed on.
House got put up in a sheriff's sale, for about double the house value (must have had some liens up against it), so nobody touched it.

I guess the bank ended up eating it. The house was in bad shape, so they cleaned it, painted it, new carpets, new roof, new kitchen

then sold it to me (I beat out 3 other offers).

Maybe this house is getting around stage 1.
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Re: Question regarding home buying

Postby blackjack68 on Sun Oct 13, 2013 8:39 pm

Might be in sheriff's.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:46 pm

the notice on the door said something about it being vacant, and that the lender was going to keep up with it and not let it get into disrepair. this notice was dated 4/2011. THere was a number that i couldnt read cause it was faded off. I am going to call the tax assessor tomorrow. she happened to be my pap's accountant.
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Re: Question regarding home buying

Postby PensFanInDC on Sun Oct 13, 2013 8:48 pm

I think either way its going to be a pain in the ass to buy the house.
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Re: Question regarding home buying

Postby skullman80 on Sun Oct 13, 2013 8:52 pm

PensFanInDC wrote:I think either way its going to be a pain in the ass to buy the house.


This.
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Re: Question regarding home buying

Postby shafnutz05 on Sun Oct 13, 2013 8:52 pm

PensFanInDC wrote:I think either way its going to be a pain in the ass to buy the house.


From everything our realtor told us about short sales, I'm inclined to agree.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:54 pm

yeah i figured it would be a pain, and honestly i dont know if that should stop me. if its a no risk situation, i.e. i dont put any of my money down, so be it. im in no hurry to buy a place. i figured if i could get it for a decent price i'd pursue it.
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Re: Question regarding home buying

Postby bhaw on Sun Oct 13, 2013 8:56 pm

It's an REO, not a short sale. Difference being that a short sale means the owner still owns the home and is getting permission from the bank to sell it for less than they owe. REO (foreclosure) is already owned by the bank. Easier process, but it's definitely an "as is" situation where even if an inspector finds major issues, the bank won't make the repairs.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 8:58 pm

for the record, short sale was the term i put on it. if an inspector finds issues with it and the bank wont make repairs, is it like game over and they cant sell it?
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Re: Question regarding home buying

Postby bhaw on Sun Oct 13, 2013 9:02 pm

mac5155 wrote:for the record, short sale was the term i put on it. if an inspector finds issues with it and the bank wont make repairs, is it like game over and they cant sell it?


no, just means that you are buying knowing the issues and it's on you to repair. Could be nothing/minimal, could be major issues. You just have to decide if the cost including repairs is worth it and you're willing to take on the risk.
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Re: Question regarding home buying

Postby mac5155 on Sun Oct 13, 2013 9:03 pm

yeah, understood. if i call bank of america and ask them about the place, what are the odds they know anything about it?

also, why would the electric still be on....?
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Re: Question regarding home buying

Postby bhaw on Sun Oct 13, 2013 9:05 pm

mac5155 wrote:yeah, understood. if i call bank of america and ask them about the place, what are the odds they know anything about it?

also, why would the electric still be on....?


They probably just know the public records and anything documented during the foreclosure.

Possibly to show it or because someone forgot to turn it off. No idea...
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Re: Question regarding home buying

Postby bhaw on Sun Oct 13, 2013 9:08 pm

If the house has been unlocked for a long time with electric on, there's a good chance anything of value has been pulled out of it. Not sure if you've gone in yet.
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Re: Question regarding home buying

Postby MWB on Sun Oct 13, 2013 9:09 pm

B of A probably just hasn't gotten around to listing it yet, or getting it ready for sale. Not a whole lot in it for them, so no hurry. Wouldn't hurt to ask them about it, but I doubt they'll have much info.
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