I was wondering if anyone has had any luck going after off market REO's that have not been listed with a realtor/broker yet? In my area, there are quite a few REO's that need major repairs that have been vacant and bank owned for a very long time. Is it worth trying to contact the loss mitigation officer at the bank to try to make an offer on the property or do we just have to keep watching it until it is listed with an agent? Any information would be greatly appreciated. Thanks everyone!
Waste of time, unless maybe it's a small local bank/credit union, then maybe.
Thanks for the response Wayne.
as Wayne said it is a waste of time. They all have their policies which only involve using an agent to sell them. They have no reason to sell off market. Except in bulk.
Makes sense... Thanks guys. I have another question... Once they are listed, if you are planning on wholesaling the deal to a PML for a cash deal and they are asking for proof of funds, how do you go about satisfying this requirement?
Originally posted by @Bradley Sriro :
...I was wondering if anyone has had any luck going after off market REO's that have not been listed with a realtor/broker yet? In my area, there are quite a few REO's that need major repairs that have been vacant and bank owned for a very long time...
You could always try this... stuff a few millions into a briefcase (just don't arouse suspicion or get mugged). If that sounds risky, get an account there and have the funds wired in instead. Somehow get to a bank's corporate office or with whoever is in charge of the loss mitigation department. You may be able to narrow the discussion to what percent of ARV they would be able to dispose some of their REO inventory at for the amount in the briefcase or the deposit. If you are just trying to get a property, don't be surprised if calls aren't returned or if you get the run around.
The big REO Brokers probably are managing 100+ properties that are not ready to list yet. You can contact them and see if there is anything fit for rehab.
We do have a back-end inventory, but that doesn't mean we can just go and sell it.