Bank owned vacants

9 Replies

found a bank owned vacant...... hot area in Charlotte NC ...any way to contact the right person at the bank to make a offer? or do i have to contact a short sale agent?.....

Originally posted by @Audrey Truesdale :

found a bank owned vacant...... hot area in Charlotte NC ...any way to contact the right person at the bank to make a offer? or do i have to contact a short sale agent?.....

Is it a short-sale property where the homeowners are in default on their mortgage with the lender or is it a bank-owned property whereas the lender already foreclosed on the property and has taken title / ownership? If its a short-sale then yes get a r.e. agent that is well versed in short-saling. If its a REO / bank-owned property then you can find an agent that is well versed in REOs or contact the asset management department of the bank to find out the agent that they use.

Kudos,

Mary  

has it been listed by a brokerage yet or just taken over by the bank?

This post has been removed.

taken over by bank ... It's not listed as far as I know

contact the bank directly, there is somebody in there who specifically deals with selling their inventory.

If the foreclosure process is not completed you can contact the owner, which isn't easy without paying for a skip trace, then offer to buy it from them. They would contact the bank with the offer and get approval to short sell it.

If the foreclosure process is completed, there isn't anything you can do until the house is listed for sale. Sometimes banks will hold the property off the market in hopes the market improves. I have seen property sit for over a year before it is listed.

Good luck.

yes it is owned by Bank of America.... i think ill key an eye out for the sale but won't pursue it any further being that BOA does not really take shorts on bank owned properties in this zip code its HOT!!... smh lol

The Banks are some of the biggest Slum Lords in local communities with REO's in communities that are vacant, vandalized, and bringing down the value of other property in the community. Good Luck in getting in touch with the Bank. It's possible but, hard as hell. That is why my company charges for this communication with Banks

I agree wholeheartedly that the banls can be the worst slumlords - I've seen homes that have been foreclosed upon and held for years "waiting til the market changes to get a better price" that are now crumbling on the inside, full of mold, the floors buckling, all because the bank and it's agent are trying to go for a bigger nickel.  They end up losing more than they wold had they sold it a few months after foreclosure, because now it needs a total gut rehab.  They really make poor business decisions when it comrs to this market.  They'd probably have made their money back in a shorter span of time & built up considerable good will.

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