Hi, I'm looking at some REOs in my area and found one I'm very interested in but don't want to go through the realtors listed on the website (RealtyTrac.com). I'd like to get ahold of the bank directly and inquire about it. Two questions.
1) Will they talk to me if I'm not an agent?
2) If so, what's the best way to go about getting their info? Or to the right department?
The property says it's owned by HSBC Bank. USA NA.
I could google that but I feel like I'd be going through a dozen different numbers and likely still not be in the right ballpark. Advice or thoughts?
If it is on the MLS, they won't care to talk to you. They hired an agent, and they will tell you to deal with their agent. Of course, you're welcome to try and see if you get told something different ...
If they're already working with agents, they've streamlined their process of dumping their REO's with that realtor/brokerage. It's going to be hard to get them to change that as they don't want to deal with too many people. This is what I've seen in the markets I'm working in.
HSBC is a huge bank, it's going to be pretty darn hard to get in contact with the decision makers unless you're a huge player. I could be wrong though!
This is generally referred to as urinating into the breeze.
Haha, yea that's sort of along the lines of what I was expecting. I like the urinating into the breeze analogy. About sums up the phone call process I would expect.
I want to thank my bigger pockets community.I had the same thought about a property next door to me .This property is owed by Chase Bank another big bank who will probably be tough to get assitance because it was on market with prudential realtor and now I couldn't get answer from that realtor about the property.What a shame!
I would suggest you both get yourselves an agent of your own. Most of those REO properties have instructions on the MLS for buyer agents on how to submit offers on the properties. Usually it is online and you don't even have to mess around with the listing agent.
@Dan Sieg did you ever try reaching anyone at HSBC?
Barron's Finance & Investment Handbook is an excellent reference book!
6,000 major corporations, 5,000 key terms, lists brokerage firms, funds, newsletters, magazines, as well as financial institutions and regulators.
Bank management, names and phone numbers with addresses.
As mentioned, you're spitting in the wind!
You will not be wholesaling as normally taught (flipping a sale contract) with any REO. Banks are required to list REO on the market, they do not, or very very rarely cut any side deal before listing a property, this is to keep REOs advertised to obtain the best price.
When I say very very rarely, that means they may sell the note before foreclosure (or even during) if the borrower requests the note be sold as payment on the debt. This is not wholesaling.
I doubt a bank would accept an offer with one name and an undisclosed principal showing on the contract, but it's possible. They will want to know who it is before settlement if they do. You need the ability to buy making a contract on REOs. :)
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