OfflineI have a seller who has a house that is in pre-foreclosure. I tried calling the bank to get information (how much is owed on the property, fees, lawyer fees, etc.), but the bank will not talk to me. The owner will not be able to negotiate with the bank at all. Just not is personality. Is there a form I can have him sign that I can send to the bank that will allow them to discus the terms of the mortgage with me?
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Unfortunately the banks are not allowed to give out private information
on a loan.
Since the seller doesn’t want a foreclosure to affect his credit, he should be wanting to sell his property and would be able to give you all details in reference to what is owed.
However you could have the seller sign a “Letter Of Authorization” (LOA) which will allow you to talk to talk to the bank on his behalf and get all the information you need.
With this signed document, you’d be able to talk directly with the bank and discuss buying the property.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
The home owner will have to communicate with their bank. They will need to talk to the foreclosure department and ask for a short sale package. That is where the letter of autorization will be found. The owners will also need to write a hardship letter to the bank. That is the beginning process to start trying to negotiate with the bank.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125