Credit Union REO: Offers before listed?

3 Replies

Hello BP! I'm continuing to D4D in my farm area and one vacant property was foreclosed by one of the local credit unions about 4 months ago. Does anyone have tips on making a fast offer direct to the REO team? Or do they usually sit tight until they get an agent to list it on the market for full retail value? Didn't know if credit unions handle REO different than the big boys.

If you can offer more money than they can reasonably get from an auction AND do so in a way that absolves them from showing favoritism, then you may be able to pull it off

as a banker myself as far as I know selling assets through a non-bid process is a NO-NO. but I can't speak for all banks.

If this was possible it would end the need for foreclosure realtors.

Originally posted by @Alexander Felice :

If you can offer more money than they can reasonably get from an auction AND do so in a way that absolves them from showing favoritism, then you may be able to pull it off

as a banker myself as far as I know selling assets through a non-bid process is a NO-NO. but I can't speak for all banks.

If this was possible it would end the need for foreclosure realtors.

I only see that scenario panning out in the movies...