Buying Forclosures

2 Replies

I have driven by several properties in foreclosure, How can I find the Bank holding the note & make an offer.. Some have been listed on the MLS and I was told they were only available for resident /owners, no investors.. Any info would be appreciated.. Or if I missed a post while searching please send a link.. Thanks

@Matt Laird - On most of these, you will have to wait until the are listed with a Realtor. The exception to that would be for REOs that are owned by small/local banks.

@Matt Laird REOs generally have a OO period. Not many are in good enough shape to attract a qualified buyer. But also right now, in my area at least, banks are listing them near market value, so check your numbers carefully. I have gotten a few good buys by being patient and persistent. I offer based on my numbers right from the start, no matter what the list price is. Not necessarily low ball but sometimes that is what it would take to make it work. But I also lost one that was realistically priced when I offered 10% over list.

If they turn down my initial offer I wait 3=4 weeks to see if it is still available. If so, I put in another offer - at 5% LESS than the initial offer. Same with a REO that comes back on the market after a contingency.

But .... in some markets you would never get anything even looked at with that strategy. Where I am buying it is a competitive yet but not like it was 6 months ago.

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