Buying REO from US Bank

5 Replies

I'm trying to buy an REO that's currently listed from US Bank here in the Phoenix area. I'd like to work directly with the bank (I have experience purchasing preforeclosures and have had to deal with banks in the past). Does anyone have any advice on how to deal with them or a phone number to reach their REO department and get on the phone with the right person?

Thanks in advance!

Originally posted by @Joshua Hill :

I'm trying to buy an REO that's currently listed from US Bank here in the Phoenix area. I'd like to work directly with the bank (I have experience purchasing preforeclosures and have had to deal with banks in the past). Does anyone have any advice on how to deal with them or a phone number to reach their REO department and get on the phone with the right person?

Thanks in advance!

I have been told you can't really deal directly with "the bank" for REO, but if the property is listed on the MLS, there might actually be a REO auction website that is the real listing. EG, xome.com, auction.com, hubzu.com, privatesellingofficer.com etc. Google the property address and look through the listings for a non-realtor website like one of the above, and if its listed there, deal with that website directly. I have bought several from US Bank this way, I think because I bypassed the listing realtor and put a strong offer in directly on the auction website.

if you are trying to buy an REO "listed" from US Bank...call the number on the "listing". You aren't going to work with US Bank directly.

@Nicky Reader

Could you tell us a bit more of how you made that happen?

I would have thought that the auction site would stonewall you and say "if you want the property be at the auction".

In your experience what % above the starting bid do you need to offer for them to consider?

Originally posted by @Eric Delcol :

Nicky Reader

Could you tell us a bit more of how you made that happen?

I would have thought that the auction site would stonewall you and say "if you want the property be at the auction".

In your experience what % above the starting bid do you need to offer for them to consider?

I probably made it sound more "top secret method" than I meant to.. 

When they put bank-owned homes on the "online auction" websites like Hubzu, Auction.com, Xome.com etc, they sometimes also list them on the MLS with a listing agent. If I happen to stumble into a MLS listed REO that I am interested in, I search for the "online auction" website in google, using the property address. THEN I submit any offer directly using that website. If there is no auction website, then I do have to work with the listing agent.

Normally I obsessively check the online auction websites for my areas of interest, but sometimes I do notice an auction listing on the MLS first. The other benefit is it helps me build up my list of auction websites to check routinely.

True, any "physical auctions" that you need to be there for, you need to be there for. 

As for the number I offer, I work out my "highest and best" (ARV - rehab costs - margin), then pick a number between that high-mark and the auction's price. I have all sorts of superstitions for picking the actual number I offer, and sometimes I win and sometimes I dont. I can't for the life of me figure out the numbers they pick sometimes.

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