How do I buy a bank owned duplex?

Question

There is a duplex in my area that is owned by a bank and has been for 2 years now. the house is over grown and empty... I am wondering why a bank would not try and sell it and how I could reach out and try to buy it?

Any advice would be appreciated

Thanks

- Chantz

Any advice would be appreciated

Thanks

- Chantz

Chantz Ireland · Answer

Ill call them tomorrow, Thanks for your reply @Jay Barndt

Jay Barndt · Answer

Hi @Chantz Ireland, i would look into the county tax / other public records to find the banks name/number and the next step would be to call  the bank and see if they would like to unload it and what their asking price would be to unload the  property, some challenges could come up if it is in default they may  want a large chunk of money right up front so  be prepared to hear that,  also need to make sure to ask about the title to ensure there are no  more liens against the property that you may not know about, on a side  note they may negotiate with you and just let you assume the old owners  terms/loan and walk right into it, but at this point you will not know  anything until you call them,  remember you have nothing to loose with  making the phone call, just make a list with all the questions you may  have and dial. there is the possibility that they will not know  everything but

**remember banks do not like to hold property and may work  with you on a good deal to get it off their file.

best of luck

Jay,