Going after off market REO's

8 Replies

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!

I kind of agree with Wayne that it's a waste of time. The banks have their guidelines selling properties and don't list/sell them any other way. It's frustrating but it doesn't mean don't try contacting them.

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.