I am doing Bank Owned searched for Commercial Properties only… I am confused by the Bank Owned designation… In other words, there is a property at 2935 Larkin St, San Francisco, that had a loan with Greenwich Capital Financial. The Winning Bid was $50 Million and the current Owner is Cocoa Development Associates… It sounds like this property was Sold at the TS Auction to Cocoa Development and did not go back to the Bank Greenwich Capital… which technically is no longer an Bank REO… So my question is how do I determine, using your services, if a designated Bank Owned property is truly now Bank Owned, or was purchased at the Trustee Sale Auction by an investor (ie: Cocoa Development)…
When the property goes back to the bank then it will show as bank owned. If the property sells to a 3rd party then it will show as sold to 3rd. In this case we show that property went to sale on 11/29/10 which we reported the same day as the auction. Once the trustees deed is filed the ownership information will change. The trustees deed is typically filed within 15 days of the sale. We will post the trustees deed in the transaction history and change the current owner. In this case it does not appear that the trustees deed was recorded. The lender is not under any obligation to record within a certain time period but most will do so right away. This could also mean that the sale was rescinded. The research team is looking into this now and I will post the findings.
It is also important to note that the foreclosing lender could be the servicer and there is a different investor that owns the loan. This is why it could show as bank owned but a different name will appear on the trustees deed. This is common when a property goes back to Fannie Mae or Freddie Mac.
Our research team has reviewed this sale and we do not see that a trustees deed was recorded nor do we see a rescission of the sale. It also appears that this foreclosure involved multiple properties. You may want to pull a copy of the Deed of Trust to review this further. At this point we are reporting the last information that was publicly posted.