Is it possible to contact the bank directly for foreclosures? How do I do that? Has it worked for anyone?

Question

Ho

Answer 1

Call the bank and ask for their REO (Real Estate Owned) department. They will probably refer you to a local agent that handles their properties. They can then help you locate other properties as well

Answer 2

Is it possible? Sure. Will it lead to anything useful? Unclear.

Most banks will take any REO properties they get back and list them with a broker. That is the best way for them to deal with the property in most cases. They can let the agent deal with the day to day and at the same time be pretty confident they have received the best price.

In some circumstances a bank will sell direct without a listing first. Normally done when they have a special case, need a property off the books fast and when they know the buyer well enough to know that the buyer can perform. Mostly a buyer who they have dealt with before or is a bank customer in some other capacity.

Should you try calling the banks? It can not hurt. You will get the name of the agent they normally use in most cases. Many calls will be answered by people who do not even understand what you are talking about. Other times they refer you around the bank until you get to someone who understands the question.

Some of the time the agent that handles one bank will handle a number of banks and other lenders. Never a bad person to know.

Answer 3

The banks REO department would deal with properties the bank has acquired though foreclosure. You could probably find better deals if you could find out about properties BEFORE foreclosure. I don't know if the bank can legally tell you about those. The reason they would be better deals is the current owner may take less than market value to get out without a foreclosure on their credit. If you owed $100,000 on a $150,000 house and couldn't make the payments, would you take $120,000 to walk away and avoid foreclosure?

Answer 4

Yes, you can contact the mortgage department at a bank and ask if there are any properties for sale. Chances are that the bank will want somewhere near market value.
I once had a neighbor who worked in a mortgage department. She would tell me when a property was being prepared for foreclosure. I never found one worth buying.

Answer 5

Yes you can! Explain that you're investor and ask the property you're interested in.


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Answer 6

SURE. BUT, YOU CAN CALL THE CITY AND FIND HOMES WHERE THE TAXES HAVE NOT BEEN PAID AS WELL.