bank selling house before foreclosure

[gramdma]

What is the name of your state? OHIO I recently inquired about a house at the bank that holds an equity loan and women is in nursing home and behind with payments. At first no one would give me any information,didn`t call me back after going down there. I called again and got the person I was told handles the real estate transactions. I told him I was interested in buying the home. I knew his bank held an equity loan and the woman is in a nursing home. He said oh you are interested in it, let me get back to you, I will get back to you today. Within a hour he did call and said he had a verbal agreement with someone to buy the house. I said how could he take an verbal agreement as the house is still in the ladies name? He never answered me. saying he cannot disclose anything ,Just repeated that he has a verbal agreement. I think this agreement is either with someone in the bank or he knows personally or a realtor. The women is in the nursing home for a stroke and is still of right mind but paralized on one side and that is why she is there. The sons emptied the house as they asked the bank to give them time to do it. A person next door was talking to the son and interested in buying it and so told him to call the bank. I thought as long as the house is NOT into foreclosure that the person still ownes it and can sell it if the person agrees to it. Should I go to the lady that ownes the house to make sure she didn`t give the bank POA? And see if she will sell the house to me?

 

[pojo2]

I thought as long as the house is NOT into foreclosure that the person still ownes it and can sell it if the person agrees to it.

With this understanding then why did you go to the BANK with your offer?

How do you know it is not in foreclosure? Sounds like something is going on in the background if the sons had to ask the bank for time to empty the place. Which by the way would not stop them from going ahead and filing the paperwork to foreclose

Would not be surprising at all if the person who has the verbal is a bank employee or someone with a strong name recognition.

I said how could he take an verbal agreement as the house is still in the ladies name? He never answered me.

Depending on the degree to which the foreclosure is in progress the bank may indeed have the right to reject or accept offers the owner might get.

 

[kthor]

The only type of foreclosure in Ohio is judicial foreclosure. The process starts with the lender obtaining conditional title as soon as there is a default in the mortgage. When the borrower makes the loan current, title will transfer back to them. To begin the foreclosure a lawsuit must be filed.

The lender may obtain a deficiency judgment for a period of two years.

The property may be redeemed only before court confirmation of the sale. After that, there is no redemption.