Bank-owned property near my town

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Through shear dumb luck, I found a property in a decent area of a b- town very close to an A town, Mostly it needs cosmetic work, although it will need new plumbing, too. Anyway, it is a great find. A gal I met through a REIA and I plan to partner on the deal. Originally, it was to be auctioned off. That was canceled today and I have been told by the listing agent that it will go through normal channels. Bank of New York owns it.

My question is, have any of you here on Biggerpockets dealt with a bank? How did you approach the purchase? And what pitfalls should we avoid? Thank you in advance for any help!



It will be a normal REO listing. It may have a period where it is available only to owner occupants for the first 15-30 days. The bank will have their own addendum which overrides part of the standard mls contract. The listing should have this already.