I have found a foreclosed property (REO) that I wish to buy from the Lender / Trustee. Cant leave a message with the phone # provided and I am unable to get any other info.
What is the best way to go about buying such a property?
2007-06-10 10:56:26 · 3 answers · asked by rfernan_2000 2 in Business & Finance ➔ Renting & Real Estate
This is in the state of California. Can this be bought as an investment property or does it have to be owner occupied.
2007-06-10 17:27:19 · update #1
The reason that the lender is not returning your calls is that the lender is not interested in dealing with you directly. Lenders procure the services of real estate firms to dispose of foreclosed properties.
Why do they do so ? Because the large lenders such as Countrywide, WaMu, and ABN AMRO lend in all fifty states and just do not want to be bothered with knowing the different real estate laws and practices of fifty different states. So they hire real estate brokerages in the state where the property is located to handle the work for them.
2007-06-11 11:50:33 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I would get better then a reator, just contact a broker directly. The banks do not have the time/inclination to educate you and will not sell to you directly.
2007-06-10 11:20:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You get yourself a Realtor. Any Realtor who is license in your state can help you purchase any home in that state.
2007-06-10 11:04:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋