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We know of a property that was a RM, owner passed away, heirs not interested. How do we find out about purchasing the home?

by sparkylarky50988 from Odessa, Florida. May 22nd 2016 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

Hi, only thing I can think of is contact heirs and ask the name of the bank on loan # or wait until it goes thru the process and gets listed. It also might be list in public record search. If you email me the first and last names of owners and country along with address I can do some research for you.... Ralph Guertin 954-274-7725 or ralph@absolutelowrates.com

May 23rd 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

Ralph did a good job answering this for you. That is about all we can do as lenders.

May 23rd 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Unfortunately, you cannot purchase it directly from the bank.. The lender has a fiduciary responsibility to "Fairly Market" the home in order to get the best possible sold price. Since the home was insured by HUD (assuming it was an FHA RM), then in order for the lender to recoup their losses, it must be listed for sale in a multi listing service (MLS), and anyone who wishes to purchase it, must compete with other potential purchasers... You can contact a local real estate agent and ask them to keep you up to date as far as the listing goes.. sometimes, the property will hit the MLS before the sign goes up in the front yard.. and sometimes its just the opposite.. But if you are interested, you will have to wait till it goes on the market. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 23rd 2016
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