REO properties aka bank owned Properties

[47thelement]

In these times of people getting their homes foreclosed on. There appears to be a ton of vacant homes around. There are four four on my street. Has anybody tried hunting these homes? Sometimes when you look up the sales listings the tell you when they were built. It seems to me that if it is property owned by a bank there would be nobody around say anything.

 

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[Sandman]

Nobody around doesn't make it right, plus there are neighbors that would see you as a trespasser. You'd have to contact the bank and they would be afraid of liability. But go for it.
Leave any shovels at home an be neat and good luck.

 

[47thelement]

ok I think I worded this incorrectly! I'm all about getting permission. I better start rereading my posts. sorry

 

[boogeyman]

Don't know about banks, but I had pretty good luck with real estate agents last year. I offered to pick up about a bag & a half of trash off one and the guy said I could if I brought a lawnmower. He almost did a backflip when I said yes. Only found clads, but I'm sure he'll let me search anything he's got listed

 

[mlayers]

contact where they are up for sale thru, never hurt to ask...Matt

 

[Lowbatts]

Don't know about banks, but I had pretty good luck with real estate agents last year. I offered to pick up about a bag & a half of trash off one and the guy said I could if I brought a lawnmower. He almost did a backflip when I said yes. Only found clads, but I'm sure he'll let me search anything he's got listed

Winner winner chicken dinner!

That's sounds like a great idea. Expanded: Specialty lawn care for realtor homes.
Just think they might actually pay you to detect there!

 

[Tom_in_CA]

My part of CA is filled with those scenarios. Houses that sold for $600k just 3+ yrs. ago, now sell for $200k. So a lot of people just "walked away" from their homes. They can be in all sorts of various limbo legal forms. Ie.: owned by a nameless faceless bank in some other state? a realtor somewhere else across the county? Still in foreclosure proceedings so owned by a title co? owned by the city who took it d/t un-paid taxes? Heck, weren't mortgages "bundled" as sold as investments to persons in the Asian investor market? I guess you need to go talk to stock-holders in some foreign country then?

If I see an obviously abandoned boarded up home, and the yard looks good, I would not hesitate to hit it . But that's just me. There are people on md'ing forums who think you need permission to hunt public sandboxes, so go figure they'll surely take offence at detecting abandoned properties as well.

 

[metalmolly]

My part of CA is filled with those scenarios. Houses that sold for $600k just 3+ yrs. ago, now sell for $200k. So a lot of people just "walked away" from their homes. They can be in all sorts of various limbo legal forms. Ie.: owned by a nameless faceless bank in some other state? a realtor somewhere else across the county? Still in foreclosure proceedings so owned by a title co? owned by the city who took it d/t un-paid taxes? Heck, weren't mortgages "bundled" as sold as investments to persons in the Asian investor market? I guess you need to go talk to stock-holders in some foreign country then?

If I see an obviously abandoned boarded up home, and the yard looks good, I would not hesitate to hit it . But that's just me. There are people on md'ing forums who think you need permission to hunt public sandboxes, so go figure they'll surely take offence at detecting abandoned properties as well.

I dont ask permission to detect public property and I'd never say you need to (or should) ask permission to detect a "public sandbox" or other public areas because that's just asking to be told no for no good reason. But private property is a different story. If someone or some company or a bank owns a property I don't have any right to detect there without permission just because its vacant and I feel like it. I'm sorry but thats illegal and just plain wrong. Another thing to remember is that vandals hit vacant houses for scrap metal quite a bit so a neighbor who sees you around the yard is liable to call the cops and then you've got to explain what your doing there.

 

[Philvis]

I currently work for a mortgage company, specifically REO risk management. I would say there is a 99% chance if you contact the bank, they will say no. Believe it or not, it is a big liability issue. Your best bet is trying to contact the broker for the property. The broker is the person delegated by the bank to oversee the property and ultimately sell it. Depending on who you get will determine your luck or not. You may even want to draft a quick no liability waiver. REO properties are a big cost to banks, so they fear that you are going to injure yourself and also that you may damage the property as well, (i.e. cut a utility line, ruin the integrity of the yard, etc.). Your best bet is to just put on a blaze orange vest and hard hat and detect in the yard. The neighbors will never suspect a "trespasser" doing that, haha. You didn't hear that from me though!

 

[metalmolly]

An orange vest and hardhat? Am I the only one who thinks its wrong to detect on private property without permission? Never mind that its illegal, its just plain wrong.

 

[Philvis]

Obviously I am joking about just putting a hard hat and vest on and that making everything alright. As I said before, you should try to get in touch with the broker dealing with that particular property. Being proactive, you may want to even tell them you have a liability waiver you will sign. There are some places though where you know they are going to bull doze the property to make room for a shopping mall or whatever. Those type places I will search as long as there isn't a "No Trespassing" sign. Just use common sense as a rule of thumb.

 

[Tom_in_CA]

metalmolly, somehow I see a difference between an abandoned property, and a lived-in home. There's something different about a boarded up house left to rot, with an inviting front yard 2 steps off the street. I dunno, maybe it's just me, but I'll go with philvis on this one: "Those type places I will search as long as there isn't a "No Trespassing" sign"

 

[metalmolly]

Tom, I agree theres a difference. Detecting abandoned private property without permission is shady, detecting a lived in home without permission is just plain crazy All kidding aside, what do you do or would you do if the police or the owner of the property show up while your detecting? And dont think Im a permission freak, I never ask permission to detect any public areas. I hunt several old parks in my area and I have as much right to be there as somebody walking there dog or having a picnic. Asking for permission to detect in public areas is just asking for someone to tell you no when you have every right to be there doing a public service picking up trash as your detecting. I just feel like private property is a different story. But I can see where when you know a home is going to be bulldozed for development anyway it would be very tempting. I guess Im a little shady too!

 

[ray in ny]

What about city- or county-owned properties that were foreclosed for back taxes--anybody try those? Permission or no permission needed?

 

[rmptr]

Somewhere, in a far away place, in an indefinite time, not so long ago...

If someone had a mind to MD in the yard of an obvious REO property, which was possibly even posted as such, maybe it would have been a good idea, if a person was perhaps a little bit shady, to go to the bank and inform 'someone' of your "intent to inspect a number of their properties."

And if they asked which one, ask them for a list in such and such area.

Now in that mythical land, you might even be given a list, or, sent to a real estate agent handling affairs for the bank. All is well and good.

Advise them you prefer to do your preliminary work independently and you will be sure to contact them if you find something promising.

With that list in your hand, an orange vest and a hardhat, I'd say in that land not so far a way you'd have a pretty good chance if you didn't bring a backhoe.

Of course if you found a need for that backhoe, you would certainly enter into more serious negotiation with said bank or agent, right?

In a land not far away, a minor sub-surface inspection and casual retrieval would be in order for various properties.

If someone took exception to your inspection, they might tell you so... and you could desist, promptly.
Even with a smile!
...and tell them, Fine, I'll go look at something else!

In a land not so far a way and a time maybe not yet passed.



Sry. That's about the best I could do for a housing bubble riding fairy in a mythical land not so far away.

BTW the artist name is Nene Thomas.

 

[SC_hunter]

I'll put my 3 cents worth into this question. Private property is just what it says..private whether it is run down and boarded up or not. Public parks and such is just that public. Do you know the word trespassing Come on folks, use your head....remember, most of us don't live in Ca.

 

[midnightmoon]

I'll put my 3 cents worth into this question. Private property is just what it says..private whether it is run down and boarded up or not. Public parks and such is just that public. Do you know the word trespassing Come on folks, use your head....remember, most of us don't live in Ca.

Hey, what do you mean by that last remark? I live in North Mexico. Oops, I didn't mean to write that out loud.
Sincerely,
With Permission,
Live in Ca.

 

[truckinbutch]

Somewhere, in a far away place, in an indefinite time, not so long ago...

If someone had a mind to MD in the yard of an obvious REO property, which was possibly even posted as such, maybe it would have been a good idea, if a person was perhaps a little bit shady, to go to the bank and inform 'someone' of your "intent to inspect a number of their properties."

And if they asked which one, ask them for a list in such and such area.

Now in that mythical land, you might even be given a list, or, sent to a real estate agent handling affairs for the bank. All is well and good.

Advise them you prefer to do your preliminary work independently and you will be sure to contact them if you find something promising.

With that list in your hand, an orange vest and a hardhat, I'd say in that land not so far a way you'd have a pretty good chance if you didn't bring a backhoe.

Of course if you found a need for that backhoe, you would certainly enter into more serious negotiation with said bank or agent, right?

In a land not far away, a minor subsurface inspection and casual retrieval would be in order for various properties.

If someone took exception to your inspection, they might tell you so... and you could desist, promptly.
Even with a smile!
...and tell them, Fine, I'll go look at something else!

In a land not so far a way and a time maybe not yet passed.




Sry. That's about the best I could do for a housing bubble riding fairy in a mythical land not so far away.

BTW the artist name is Nene Thomas.

I've always liked your devious mind and i see no reason why this would not work.

 

[Tom_in_CA]

Ray in NY, you ask "What about city- or county-owned properties that were foreclosed for back taxes" This is very rare. Because usually someone will sell a property to prevent this from happening, or ...... in today's falling prop. values, simply "give the keys back to the mortgage co/bank". In my area, this prop. back tax foreclosures sometimes happen in blighted ghetto neighborhoods, where "someone owns the pink slip" (maybe passed down through multiple generations for example), yet it's so blighted, that it doesn't pay to ever try to build on the property, nor would they ever attract renters, shoppers, etc... d/t it being on skid-row. Sometimes in those cases, I have seen where a vacant lot, or empty building, is ultimately foreclosed by the county, because it costs more for the owner to keep paying for the property taxes, than he would ever realized (short of urban renewal in those neighborhoods).

On some such city owned vacant lots, we have md'd with no problem. Now is that to say that if I waltzed into city hall in my town, with a shovel in my hand, asking permission, would they have said "yes"? probably not.

A similar scenario where the city owns land/homes: Another time a city here in CA had taken over multiple square blocks of an old residential area, for an urban renewal project. The process of buying out the homeowners one by one, the long legal and bureaucratics involved, went on for a year or so. During that time, we went yard by yard, helping ourselves, and never had a problem. But once again, if I was to have asked enough people, I'm sure I'd have found someone to say "no".

 

[rmptr]

SC_Hunter...

What an honest, upright and forthwith person.
Pillar of the community, protector of the helpless and innocent.
Really great!

I was told by George W Bush that government funds were to be used to bail out bankers who had made poor investments. Furthermore, I was told I would be taxed to generate that money.

The People didn't like W so much.
They got a new guy.

The new president of the US of A has decided to give billions of government money to bail out bankers who have made poor investments. Sounds like a broken record...
Our taxes will go up to pay that money.

Mr. Hunter, I respect private property, and I use what is mine.
If these nice people in DC wish to socialize all these things, are they in fact putting each and every one of us upon the list of investors and shareholders entitled to benefit of the corporations those banksters have created?

Yes, it's a stretch, isn't it.

Yet no more, and much less than the concept that I should be forcefully taxed to pay for the blunders of some very wealthy bankster or stock broker who still maintains a lifestyle far higher than most of us.
They still get their bonus, which exceeds our years salary.
They still conduct meetings at resorts and fly there by jet.

Of course you will not see me attempt to enter your back yard, and I probably would not step off your walkway if I approached your front door to ask permission to detect your front yard.

That place down the street, with 2ft tall weeds, windows open, graffiti on the busted garage door that hasn't been occupied in 14 months is possibly open to a little investigation. Who knows?
I might like the 'feel' of the vicinity and develop a plan to rehabilitate the place, especially if I can get great terms from whoever is managing the paper on the property!

That's what it is... There's NOT an owner.
There may be some corporate office with bean counters that manage the paper on the property.
And by my newspaper headlines, they've done a shabby job of it, just to line their own pockets.
Now, the new president says it will be at OUR expense.

I would have to say I don't see it as a clear cut matter of law, a battle of good vs evil.
Just a matter of interpretation and possibly opportunity.

If challenged, it would be advisable for me to cease and desist.
Perhaps I could query the individual taking exception as to THEIR substance?

Yet another element popped into my creativity...

Mr. Hunter, is a sign an invitation?
More specifically, is a For Sale sign an invitation to look at, view, and inspect a property?

I would say it is. Unless it is posted, as many are, Do Not Disturb Occupant.

Yes, I'm dragging this on more than a bit...
Which is to say, the matter is open to discussion!

Of course this is all fantasy, in a mythical land not so far away, in a parallel universe occupying a time share.

Ridiculous, huh?
Should I look for another bubble fairy to post?

Don't do this at home kids! Please send rmptr a file in a chocolate cake! He likes chocolate! and carrot cake!!