Buying Bank Owned Properties That Aren't on The Market
Hello BP Fam!!
While generating leads for buying and holding here in South Florida I always run across vacant properties that are bank owned but are not on the market. For instance, i'll be driving for dollars and run across a home that is obviously empty (tall grass, paint peeling, no one giving that TLC!) these are the properties I'm looking to buy at a discount and hold. It seems that 1/2 the time these properties are owned by a bank or some sort of institution courtesy of an LLC. I'm sure there are various reasons why the bank owns these dilapidated units. My question is... Is it worth reaching out to these banks or LLC to work out a deal? Sometimes I notice that the previous sale date might even be a couple years ago or maybe even last year, but the property is just sitting there accruing expenses..? It seems like they would want to work out a deal to get it off their back, but then again we are talking about banks, so do they generally wait to sell at auction or put in on the market? I would like to get some opinions on whether or not it is worth pursuing such properties. Thanks so much and good luck out there!