No, The plaintiff is not the complete owner of the property because they are only the entity that has issued the loan to the defendant.The reason they are not complete owners of the property is because the defendant has also made payments on the loan and has personal interest on the property. For that reason the defendant has the option to sell the property to anyone interested in purchasing the property from them. However, in the case of a perspective buyer trying to Quitclaim Deed the property from the Defendant or owner the Plaintiff(bank) has to approve the transaction and has final say.

      No. The defendant (owner) who has hired his or her Real Estate agent is the one responsible to pay the commissions. It works the same way a regular real estate transaction works. The Realtor is representing the seller (the owner). You, as the buyer, present your offer to the Realtor, presents it to the owner, for his or her submission leading to approval of sale.

      As a general rule you can present any offer you want. If you want to submit a very low offer, you can. Your offer initiates the negotiating process. There are many things to take into consideration when submitting an offer. Some of which are listed below.

A. The condition of the home. What type of work needs to be done to the property, extensive or cosmetic.

B. What would estimated basic outlay be to increase sale value.

C. How long has the bank financed the property that the defendant is living in.. Remember, the longer a property has been financed the more equity the property has, making the property a more attractive investment. While the defendant is in possession of the property they are still responsible for the taxes, maintenance, principle and interest payments, past or present until time of closure.
Also, balance remaining on the mortgage (complaint amount) that is owed to the plaintiff. By becoming a member of REIO we can provide you with this kind of information.

     If this should happen, it is because the bank does not have full ownership of the property until the property goes up for sale and the bank decides to bid on the property. If they win the bid and obtain full control of the property then they will try to put it back in the market.If you encounter any similar problems, contact our Support department. This is why we are available, to provide this and all services.

     Typically, Lis Pendens pre-foreclosure properties are not listed anywhere until they are in the beginning final stage of Lis Pendens. However, we are in the process of increasing our work force to help us gather the information needed for your benefit. Anyone can make money in many ways, first by getting us the information described on the join page. Secondly by making 50% of  any business owner that you require to advertise a banner on this site and the prizes for banner advertising is in Advertise on REIO page. The third way that someone who decides to help us provide this information can make revenue is by teaming up with us in the purchase of Pre-foreclosed property in their local area. Lets face it, Real Estate has done well in bad and good economic times especially if it's purchased below market value. My advice to you is be patient; Rome wasn't built in a day!

     When you make an offer, there is more than one way to find out who owns the property. You can either call information and try to find any numbers listed for the owner. Another method is to utilize the Internet and if that doesn't work try to speak with the plaintiff or their attorney as a final result, again we are always available to assist.

     Remember the squeaky wheel gets the most grease, You must be persistent, Keep calling or writhe them a letter and let them know how serious and interested you are in buying their property. Find out if anyone else in their area can help you find them. Continue calling and asking questions until you get the answers you are looking for!
Additional information to keep in mind:

     If you do find the owner and they are very interested in selling or changing ownership by Quitclaiming the property to you considering that the Plaintiff allows this transaction to occur.

     Check the surrounding area to find out what the houses are selling for. This is called a comparable property value. If you're interested in finding out how much the property can be worth, (we at REIO can provide you with this type of information for a small cost). This will help you when presenting an offer on a property.

     Make sure you have the property surveyed . Hire a licensed property survey or inspector to check out the property. They will go through the property to see if things are in working order. Here are some things they check: appliances, electric, roof, plumbing, walls, floors and structural damage up to state code.

     The results of the inspection report will help you determine the offer you make on the property and set margins buying a foreclosure.

     Is it hard to buy a foreclosure? NO. It takes some work, but not any more than it would if you were buying a regular home. If you want to get a good buy, we can provide you with the taxes that the property owner can be paying, how long the property has been financed  and what the mortgage balance is, this information is available through us at REIO. In order to buy a property at a good price, you must be a serious buyer willing to go the extra mile to save as much money as possible. If the owner (defendant) does not accept your low offer the first time, re-offer it 20-30 days later. Remember, the longer the defendant has the property, the greater and more realistic are your chances of saving up to 50% off market value.

     Your hard work with our expert assistance can have you spelling success... in your transaction this is way REIO is here to work for and with you. - REIO-

Want to practice ? Check out our sample listings.