It seems to me that most online auctions have a reserve that is way above what the property is worth. The banks must rely on some very busy REO agent that simply drives by without doing an inspection of the inside. Is there a way of contacting the bank after the auction ends with no bids so that a reasonable offer can be made ?
which site do you view? It's been long time but I remember realtybid.com
@Jason Borowy Usually they will lower the starting bid if there are no bids which draws interest but you are right some times they have a reserve that just does not make sense. I would say if the numbers do not work, just look for another property.
@Jason Borowy - if it is a large bank, Bank of America, Wells Fargo, etc, then no, you have a better chance of winning the lottery. They don't want to sell off houses one by one, they will sell them by the thousands as part of a package to a large institutional buyer. You won't be able to get through to the person managing that property.
If you are fortunate enough to be looking at a property being foreclosed on by a smaller community bank, then maybe. You will just have to reach out to the CFO or asset manager and see if you can speak to them directly. Some are easier to reach than others. You could always go to their office and see if you can meet them face to face. I have had some success in the past dealing with smaller lenders directly.
Just depends on what kind of bank you are dealing with.
If they want don't want to sell of the houses one by one, then why do they put them one by one of these auction websites? They just continue to cycle through, never reaching the minimum reserve price. Is it really that fat of a chance to be able to contact/ work something out with them?
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