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[sacattk]

Not sure how to get in touch with someone in the REO department at Lasalle Bank (since they are in the process or have been already purchased by Bank of America). The loan that foreclosed was with Lasalle. The sheriff sale was last month and we tried to purchase the property then (unsuccessfully). Now we want to pursue the purchase of this home. Any advice on who to contact and when this can actually happen? I feel like I am chasing my own tail here.

If it makes any difference, this is in Ohio.

THANKS!

[aguilar]

If the sale was last month here is a timeline that will likely follow.

Foreclosure Sale - Doesn't sale so it goes back to the bank.

It takes about a week to assign it to an REO company. Most banks don't have their own REO department; they outsource their REO business with REO Companies.

Once the REO Company has been assigned; it will likely take 1-2 days to assign it to a local real estate agent.

From that point, if the property is vacant and no eviction process is needed. The agent will prepare a BPO (Brokers Price Opinion) and get that back to the REO department. In addition they will likely order an appraisal from a local appraiser. Once they have the BPO and Appraisal in hand they will prepare a listing agreement and have the home listed with the local real estate agent.

This process from the time of the foreclosure sale to getting the property listed can easily take 60 days. The best thing to do is to check the property daily for any for sale signs on the property. You may find a posted notice with the real estate agents contact info so neighbors can contact in case of vandalism etc.

Also, you mentioned that the previous lender was Lasalle Bank which is now owned by Bank of America. It sounds like it could likely be a loan that was insured by Fannie Mae. Depending on the loan amount and if the previous loan amounts were at or below the conforming loan limits then it is likely that the property is now the responsibility of Fannie Mae. If this is the case then it will definitely be assigned to a REO Company because Fannie Mae relies heavily on local real estate agents and REO Companies to dispose of all their assets.

Best thing to do is drive by the property every few days and wait until you find a for sale sign in the front yard. Hope that helps please let me know if you have any other questions.