Buying REO properties

[Carol Lam]

Can I buy REO property directly from a bank?  If the bank has taken the property as REO, then all the loans would have been forgiven, correct?  The title would also have been cleared.  Do I just call the REO department and make an offer?

Thank you for your information.

Carol

[Chris Seveney]

Quote from @Carol Lam:

Can I buy REO property directly from a bank?  If the bank has taken the property as REO, then all the loans would have been forgiven, correct?  The title would also have been cleared.  Do I just call the REO department and make an offer?

Thank you for your information.

Carol

 This depends. Most banks hire 3rd party asset management companies handle the sale, so if you call the bank they will just pass you off - that will be after being tossed around from department to department for two hours.