Bank Owned Home - Offmarket

2 Replies

I am speaking with the owner of a vacant bank owned home. Owner gave me the bank info and even authorized me to speak on his behalf to get details. Does anyone know the best approach if any to be able to purchase this property directly from the bank? In the past the owner tried to do a short sale but there were to many liens on the property to do it. Some of this liens may have been removed now.

@Josh Livingston

I would check into the property and see just how many liens are on the property before speaking with the bank. The last thing you want to do is buy the property then be on the hook for a $5k unpaid water bill.

After you find out about the liens. Since you have the bank's contact information, work directly with the lender. See how much they are willing to accept for the property.

How much is left on the loan? Most Leander's will take a certain percentage of their interest in the property for REOs.

Best of luck.