Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
A property I'm interested was sold to US BANK at a foreclosure auction. Has anyone had success in buying a property from this bank before it is listed on the MLS? I want to call them direct but not sure how to increase my chances if that's possible. Kind regards Suzy
Once it goes to auction and is sold back to the Bank, you are out of luck. It goes to their REO department and is immediately placed with an Agent and a property maintenance company. If they entertained offers on every phone call they received they would be sued for playing favorites with investors.
Thanks. Have heard some people have had luck contacting banks direct and many so called courses recommend doing this. Maybe it's not as common as I thought.
Thanks. Have heard some people have had luck contacting banks direct and many so called courses recommend doing this. Maybe it's not as common as I thought.
Have you ever come across a "guru" who admits it's really harder than their material suggests?...
Once it goes to auction and is sold back to the Bank, you are out of luck. It goes to their REO department and is immediately placed with an Agent and a property maintenance company. If they entertained offers on every phone call they received they would be sued for playing favorites with investors.
Rich Baer, Esq.
@Suzane Ivas
@Rich Baer
Not always true, for the major banks yes. For some smaller local banks, some folks will get a call with a subject property. Same token this takes a few years of solid business and banking experience with said bank to be on their buyers list.
For the norm no ,Rich is correct for the most part this does not happen
Once the bank owns it...there isn't an attorney involved. It's an asset manager. Why would an attorney be involved with an REO bank property? They are involved in the foreclosure but once that is done, they are done.
I'd listen to Rich on this one, even though he is an attorney (jk Rich...). I do not believe that anyone would have any success contacting a bank's attorney to make an offer on an REO at all, let alone 50% of the time. The only way that is gonna work is if the bank's attorney is also the REO manager and the only way that's gonna happen is if the bank is a small mom and pop bank where their general counsel has multiple roles. That's definitely NOT the case with US Bank.