Getting REO Directly Through Bank

A family member of mine is interested in buying a small condo building, and apparently it has recently been foreclosed on, and there is no agent assigned yet.

Is it possible to get in contact with the bank directly and form an offer before it hits the market?

And what would the steps be for this?

Edited: 06/26/2010 at 06:23AM

Joe Barnwell

Real Estate Agent · Howell, Michigan

14 posts
1 Award

Icon_minipost Nov 15 '08, 05:33 AM

Most banks will only list through a Realtor and won't work directly like that... At least that is what I've found.

Edited: 06/26/2010 at 06:23AM

C W

Real Estate Agent · Washington

41 posts
38 Influence
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Icon_minipost Nov 25 '08, 01:58 AM

The situation is that I have a close client who can provide proof of funds and who is a serious investor. I am planning on developing a win-win business partnership to the banks' REO department in order to be able to close on a potential deal prior to it even hitting the market. I would like to know if anyone has experience with this.

Edited: 06/26/2010 at 06:28AM

Dave P.

Real Estate Consultant

826 posts
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Icon_minipost Nov 25 '08, 04:11 AM

Loan Servicers are pretty overwhelmed. If it's a local bank you might have a chance. If it's a regional or national, I would say that you are out of luck.

Edited: 06/26/2010 at 06:28AM

Phil *

Real Estate Investor · Connecticut

119 posts
24 Influence

Icon_minipost Dec 31 '08, 05:23 AM

in CT the foreclosed property will be under the control of a certain Attorney Office who handles 99.9% of foreclosure properties. Once they get title I believe you can send a contract directly to them.

edit: After that you may need to find out who the Asset Manager is an contact them. At this point they have little time to deal with buyers directly.

Edited: 06/26/2010 at 06:48AM by Phil *

Brooke Bailey

Residential Real Estate Broker · Murrieta, California

119 posts
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Icon_minipost Dec 31 '08, 05:47 AM

Originally posted by wa_re_2008

A family member of mine is interested in buying a small condo building, and apparently it has recently been foreclosed on, and there is no agent assigned yet.

Is it possible to get in contact with the bank directly and form an offer before it hits the market?

And what would the steps be for this?

If you are a Realtor you can do a property profile search through Title and find out the Bank who now holds the title and contact them direct, sometimes it works, or also I have watched for the clean out company to come through, they will tell you who hired them and that is a start. Sometimes it takes some research to find the banks, and they may have already assigned an agent and it just isnt on the market yet, but it will still give you a shot at it first.

Edited: 06/26/2010 at 06:48AM

Ross Treakle

Real Estate Coach · Knoxville, Tennessee

7 posts
1 Award

Icon_minipost Jan 27 '09, 01:13 AM

If it is a local bank I would give it a shot. When you call just be able to talk about the specific property. In order to go straight to the bank you need to have met two prerequisites...

1. the bank should be a small local bank
2. you need to know the specific property you are calling about.

If either one of these factors are not met, I would not bother wasting my time.

Edited: 06/26/2010 at 07:04AM