HELP, buying a bank owned property directly from bank

Member since 2021 · 9 posts · 1 vote

Has anyone had any success buying a bank owned property direct from bank. Particularly Us bank Na Trust. They have owned this foreclosured property for a few years now and I want to buy it. I’ve made some calls and they all send me down the line to another person with no luck.

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Jeff CopelandBusiness Member
Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes
4y
99% of bank owned properties get listed on the MLS via a real estate agent when the bank is ready to sell.
The delay is often due to pending lawsuits, bankruptcy and/or probate cases, etc, which affect the title work. Once the bank has free and clear title, they typically list the property and sell it. Not much can be done before that.
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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
4y
You can not buy directly from the bank. As @Jeff Copeland said, they will all get listed at some point. Basically, before someone defaults and abandons, they usually try a short sale on the market. When that doesn't work, they abandon and default and the property will go to courthouse auction. If the upset value (amount owed) is too high and no one buys it, it goes to purgatory for a while (where this one probably is) until it gets assigned to an REO agent to list back on the MLS. The bank (once in a million, a community bank maybe) will never interact with you directly, homes like that are stuck in the red tape.
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