Bank Owned & Off Market

9 Replies

Hello everyone, I got a question I could use some advice on. How do you make an offer on a abandon residential house that is bank owned and currently not on the market?

Details: I have found several homes in my area (Tacoma WA) that are owned by U.S. Bank with the mailing address to their trustee in Florida. Obviously this is a large national Bank and it would be hard to find someone to talk too, but there has got to be someone that can receive and review an offer. Any ideas on how I can contact the right person to make an offer too?

Thanks

I was going to stop by tomorrow and try that. Maybe they have a broker locally they work with. I just know these houses have been sitting vacant for years now. Not sure why they haven't tried to sell them off.

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I been doing Bank owned pre list for 9 years, they have a process they go through after they get possession.

Finish all the foreclosure paper

Lien checks

Valuation

finally Listing, auction, or portfolio package

The bank is in no hurry and offering before the list it is a 50/50 chance as they are sometime very unrealistic about value.

The best way to get in early is, If you go by the property very early they post a paper taped in the window or on the door that gives legal notice of the status.  This doesnt tell you much but it usually has the number of the "servicing company" to contact in the event of emergency.  this company is responsible for maintenance and weekly drive by inspections and reporting to the bank, sometimes like in our case it is the Realtor that it will be eventually listed with.  (realtor can not take early offers)

Contact the service company and ask if you can have the asset manager contact for this property, they have an asset manager that is in charge of this property that takes it through the long process.  This doesnt always get you anywhere but with the right touch you can get the number and if there is any chance of an early wholesale buy this may help, if you cant get to talk to the asset manager, at least you may get to talk to the realtor that will list it early and ask to be notified and discuss opinions on value etc.

Lynn

Glad to help. PM me the address and I can look it up and send you some information on it from the MLS. I cant represent it but have access to the Tri County MLS through our partner in investments in Hollywood @dante

@Account Closed

lynn (at) atragent.com

@Lynn Bown What about a property that is in foreclosure but they have not foreclosed yet I am assuming because their is no equity in it. Its been sitting vacant for 5 years. WIth no movement from the bank.

Usually if it is in proceedings but not foreclosure they have filed a Lis Pendens that will be recorded on the tax records.  If it is not being moved on it is usually 2 general reasons.

1. clouded title IE. Liens, death, Etc

2. No equity

Once the bank forecloses they have that on their books counting against their reserves if there is no equity they may sit on it until market comes back.  Bottom line is that there is still an asset manager involved but hard to reach and there wont usually be a servicing company until they foreclose.  Its in  purgatory   Getting to this property requires reaching the asset manager on that account, which is harder to do but with alot of calling and work can be done.

A federally insured lender will not be selling a SFD to an individual  without marketing it and it being  listed, otherwise they won't meet the requirement of marketing exposure and opportunity of any deficiency judgement if the state allows that, especially selling for less than an appraised value. The lender has an obligation to sell all collateral  at sufficient amounts to clear the debt and allow a borrower to obtain excess equity. 

You can usually find the bank, you can usually find the broker they use, contact that broker, they can take your name and number. A Trustee cannot discuss banking business with the public after foreclosure. :)