Bank repossessing the houses I was negotiating on

3 Replies

    An investor in my area had about a dozen properties that were for sale off market, I made my first round of offers on each one and before the seller could counter the agent informed me that the bank was taking back possession of all of them.  The bank is local who I have worked with in the past and will be posting their notice in the paper in March and won't be able to entertain my offers until April 1st (this is all info from the agent).  

    So what are my options on getting out in front of this so that I am not just sitting on the sidelines, waiting to see what will happen?  I would like to purchase them before the bank decides to put them on the market or go fix them up before selling them.

    Any advice would be appreciated!!  Thanks BP Fam!

@Patrick Barker

I'm not at all familiar with the bank rules/laws governing this so take this all as my opinion! 

Have you called the bank and talked directly with the person/people responsible for selling the house?  I'd make an appointment with them ASAP. Most local banks aren't in (and don't want to be in) the real estate business and may want to get them off their books sooner than later.

@Elizabeth Wilson   That was my plan, I just wanted to get some advice from anyone who has gone through it, such as who to ask for and what to ask.

@Patrick Barker

Hey Patrick. I noticed you live in Saint Mary’s. My husband and I live in Fernandina and have property here and in kingsland. Someone I connected with on BP mentioned your name so thought I’d comment. I’m new to the forum. Ben & I started investing about 2 years ago and plan to continue in the Saint Mary’s, Kingsland, Fernandina areas. If you know of any meet ups in those areas please let me know. I think the person who gave me your name mentioned a Facebook group you have but I was unable to find it. Would love to join it. Thanks!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here