Real Estate Investor · Milpitas, CA · Member since 2014 · 21 posts · 3 votes
I'm looking wholesale a property that has been foreclosed for nearly 2 years. It's owned by Bank Of America and I went through their website to search the property, but I found nothing. I found a note on the property which says that it's owned by B of A but that is it. Can anyone enlighten me to what I should do next. Any insight will be very appreciated. Thank you!
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
@Jerrold Meer - You will most likely be wasting your time trying to contact Bank of America on this. Thus the "lol" from John Rooster. Have a Realtor in your area to set you up for automatic searches and emails from his/her MLS so that you will be notified when it is listed.
Now, on the other hand, on REOs that are owned by small local banks you can sometimes buy them before they get listed. But it rarely happens with the big banks.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
@Jerrold Meer - The rest of this story is that it's hard to wholesale REOs. You will have to provide either proof of funds or a pre-approval letter with your offer, plus earnest money. You will probably not be able to "assign" your contract either. Do some more reading here on BP. There's lots of info about REOs and wholesaling in general.
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
12y
The reason the comment about contacting the bank seemed funny is basically that large banks notoriously have terrible communication skills in these matters. And that is when you are already a party in a deal with them. Trying to contact them about something that you do not have anything to do with is difficult at best.
A local/regional bank owned, you have a shot, but Bank of America is basically the largest bank in the U.S., hence the lol.