Bank owned Property

8 Replies

I drove pass a vacant house I looked up the owners and it was a bank can I give the bank a offer?

It will never hurt to make a cash offer. 

Joe Gore

@Jerome Stratton it really depends on the bank. If it's one of the big 5 (BOA, Chase, Citi, Wells Fargo, or GMAC) probably not. They almost always sell through REO brokers.

The smaller the bank, the better your odds of getting through to someone who can actually give consideration to your offer.  You want to ask for who handles their REOs or bank owned properties when you call or visit the bank.

Get a realtor to submit your cash offer.

Joe Gore

Ah, that one will be sold through www.homepath.com and there will be an "owner/occupant only" bidding period when it is first made available for purchase.  If it's in a condition that's not financeable, you may have a chance.  Even with "homepath renovation loans" being available, not many owner occupants can or want to handle a rehab project when buying a house.  It all depends on your market and how fast houses are selling/investor activity?  Hopefully it works out for you.

Hi

The list all their properties with their broker network. They also list their coming soon properties as well

Http://www.homepath.com 

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