Bank of america/ Mellon Bank

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Dec 3, 2018
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#1
I viewed a Property, 27 Mountain View Rd, Winhall VT 05340. I proposed an offer, The Listing Agent, responsible for Asset disposal For the Bank told me I could Not.
I made some additional inquiries, and contacted the Trustee of the property Mellon Bank/BNY. I got a response, advising me to contact Bank Of America, (Master Servicer)
For the Loan on the said property. They included a contact number and a Website for Bank Of America. Upon contacting Bank of America, they directed me back to the Listing Agent, who then advised me to contact BOA with my offer directly. Consequently, I have been tossed between all the players just to purchase a property that Bank Of America has been Foreclosed on since 2017. I also contacted the Town Hall in Winhall, and was advised that the property is still under the ownership of Bank Of America. As an Asset REO for sale. Bank Of America also stated that The listing Agent has not submitted an offer for the property. It is clear, I am being mislead, and prevented from purchasing the house to reside.
 

jsn55

Verified Member
Dec 26, 2014
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7,670
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San Francisco
#2
Hmmm, what an interesting post. You viewed the property, you contacted the listing agent. Who gave you the property tour? Does the LA only work for the bank? Were you expected to find an agent to represent you in the purchase? Why could you not make an offer? It is correct protocol that BofA directs you back to the listing agent. Their unlicensed employees cannot deal directly with you. The listing agent is the agent of the bank, empowered to show and accept offers on the property and expected to present them to the bank in a timely fashion.

At some point BofA told you that the listing agent had not submitted an offer. Did you make an offer? There's really only one issue here, at this point. WHY were you not able to make an offer for the property through the listing agent? What were you told when you first contacted the agent?
 
Sep 19, 2015
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#3
Have you ever bought a foreclosed property? It is not straightforward. Banks can take a longer to review a proposal for a foreclosed property -- it is a larger bureaucracy.

it looks like the property has a sale pending.

And maybe it is a blessing -- the price has been reduced by 1/3 in the last six months --
 
Likes: Neil Maley

JVillegirl541

Verified Member
Nov 21, 2014
3,385
3,245
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#4
Get you own Realtor to represent you and have them write the offer and follow thru with the other parties involved. Very simple
 
Likes: LDVinVA
Sep 19, 2015
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#5
This is not a straightforward sale situation if Mellon Bank is involved as they often hold mortgage backed securities and it gets complicated.
 

Neil Maley

Moderator
Staff Member
Advocate
Dec 27, 2014
16,738
15,353
113
New York
www.promalvacations.com
#6
Has the property been put up for auction by the bank? What was the reason the first person says you couldn’t put a bid in? If the property already has a sale pending, that’s probably why you couldn’t bid on it.
 
Dec 3, 2018
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#7
I viewed a Property, 27 Mountain View Rd, Winhall VT 05340. I proposed an offer, The Listing Agent, responsible for Asset disposal For the Bank told me I could Not.
I made some additional inquiries, and contacted the Trustee of the property Mellon Bank/BNY. I got a response, advising me to contact Bank Of America, (Master Servicer)
For the Loan on the said property. They included a contact number and a Website for Bank Of America. Upon contacting Bank of America, they directed me back to the Listing Agent, who then advised me to contact BOA with my offer directly. Consequently, I have been tossed between all the players just to purchase a property that Bank Of America has been Foreclosed on since 2017. I also contacted the Town Hall in Winhall, and was advised that the property is still under the ownership of Bank Of America. As an Asset REO for sale. Bank Of America also stated that The listing Agent has not submitted an offer for the property. It is clear, I am being mislead, and prevented from purchasing the house to reside.
I viewed a Property, 27 Mountain View Rd, Winhall VT 05340. I proposed an offer, The Listing Agent, responsible for Asset disposal For the Bank told me I could Not.
I made some additional inquiries, and contacted the Trustee of the property Mellon Bank/BNY. I got a response, advising me to contact Bank Of America, (Master Servicer)
For the Loan on the said property. They included a contact number and a Website for Bank Of America. Upon contacting Bank of America, they directed me back to the Listing Agent, who then advised me to contact BOA with my offer directly. Consequently, I have been tossed between all the players just to purchase a property that Bank Of America has been Foreclosed on since 2017. I also contacted the Town Hall in Winhall, and was advised that the property is still under the ownership of Bank Of America. As an Asset REO for sale. Bank Of America also stated that The listing Agent has not submitted an offer for the property. It is clear, I am being mislead, and prevented from purchasing the house to reside.
Consequentially the LA, states that "Property had bids that was rejected by the owner BOA/ Mellon)", and that my offer was higher but not accepted. I asked if the property was active? He stated " he would check". He .Now claims there was a 1day Auction," and it appears to be a successful Bid. He has no Idea what the Banks are doing, His suggestion is! Wait it might be on the market again.
 
Dec 3, 2018
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#8
This is not a straightforward sale situation if Mellon Bank is involved as they often hold mortgage backed securities and it gets complicated.
I have no doubt, that might very well be a part of the storey, however at first when I contacted them. Their reply was they had no connection to the property. I supplied them with a copy of the title records. They then responded with the details of Bank of America as servicer of the Loan on the property. All offers may be submitted trough The Listing Agent. Who then claimed I could not submit an offer through him only to the Bank.
 
Dec 3, 2018
8
5
3
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#9
Get you own Realtor to represent you and have them write the offer and follow thru with the other parties involved. Very simple
Thank you, however I do
Hmmm, what an interesting post. You viewed the property, you contacted the listing agent. Who gave you the property tour? Does the LA only work for the bank? Were you expected to find an agent to represent you in the purchase? Why could you not make an offer? It is correct protocol that BofA directs you back to the listing agent. Their unlicensed employees cannot deal directly with you. The listing agent is the agent of the bank, empowered to show and accept offers on the property and expected to present them to the bank in a timely fashion.

At some point BofA told you that the listing agent had not submitted an offer. Did you make an offer? There's really only one issue here, at this point. WHY were you not able to make an offer for the property through the listing agent? What were you told when you first contacted the agent?
BoA directed me to the La, " All offers are submitted trough the LA. Yes a verbal offer. However, when my agent contacted the LA, she was also told to submit it to the Bank. Which we could not.
 
Dec 3, 2018
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#10
Has the property been put up for auction by the bank? What was the reason the first person says you couldn’t put a bid in? If the property already has a sale pending, that’s probably why you couldn’t bid on it.
According to the LA, it appears to have been. Additionally, " All offers should be submitted to the bank". Not him!.
 
Dec 3, 2018
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#11
Have you ever bought a foreclosed property? It is not straightforward. Banks can take a longer to review a proposal for a foreclosed property -- it is a larger bureaucracy.

it looks like the property has a sale pending.

And maybe it is a blessing -- the price has been reduced by 1/3 in the last six months --
No, I have not purchased A REO property before.
 

Neil Maley

Moderator
Staff Member
Advocate
Dec 27, 2014
16,738
15,353
113
New York
www.promalvacations.com
#13
DEVDG you may need to hire a realtor that has experience with bank owned properties especially since there are two banks involved if you want to pursue this.
I agree with Christina. Buying a foreclosed property is not straightforward and difficult to understand and there are so many rules it’s ridiculous. It might help to contact somebody who specializes in foreclosures that could explain the process so you understand for the future.
 
Dec 3, 2018
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#14
I agree with Christina. Buying a foreclosed property is not straightforward and difficult to understand and there are so many rules it’s ridiculous. It might help to contact somebody who specializes in foreclosures that could explain the process so you understand for the future.
Thanks, I contacted someone there today, he appears to have extensive knowledge of this particular listing, and its history. It appears there has been several delays in disposing of this property, since it apparently needs extensive work to bring it up to code. I presume it might be more than I bargained
For. As the saying goes " When at a banquet, never reach for a tray that has passed you. Wait till another comes around.
 
Sep 19, 2015
4,061
5,380
113
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#15
Thanks, I contacted someone there today, he appears to have extensive knowledge of this particular listing, and its history. It appears there has been several delays in disposing of this property, since it apparently needs extensive work to bring it up to code. I presume it might be more than I bargained
For. As the saying goes " When at a banquet, never reach for a tray that has passed you. Wait till another comes around.
 
Sep 19, 2015
4,061
5,380
113
48
#16
It may be good fortune that you did not get involved with this property, The price drops were alarming, and if there are code problems it may take months of expensive work to be able to occupy it.
 
Likes: Neil Maley
Dec 3, 2018
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#17
It may be good fortune that you did not get involved with this property, The price drops were alarming, and if there are code problems it may take months of expensive work to be able to occupy it.
:) Good fortune indeed. Apparently there was a lack of proper Winterization, which resulted in some broken pipes, coupled with Vandilization. Which explains the massive price reduction.
 

jsn55

Verified Member
Dec 26, 2014
7,833
7,670
113
San Francisco
#18
Banks and other lending institutions have a terrible reputation for communication and selling of foreclosed properties. I agree with my colleagues, if you want to pursue foreclosures (and there are probably all kinds of really good deals out there), use an agent with lots of experience. I have extensive experience buying and selling real estate, but I wouldn't touch a foreclosure property without experienced counsel. Without expert guidance, you just can't get enougth clear information to be able to make a decent offer.