I just found out that the property next door to my one and only investment property wass foreclosed upon last month. I know which bank foreclosed upon the property and I also know that the home was built just before the crash and was very deeply underwater in a marginal market prior to foreclosure.
For the right price, this would be great for me to be able to control this property and consolidate holdings in the neighborhood.
So as a greenhorn, how would I approach this situation. My first instinct is to phone the bank and inquire but im not even really sure who to ask for. Id like to make a cash offer withthe hopes that the bank may like to wash their hands of the property but I'm not even sure if this is something that happens without an auction.
Any feedback is greatly appreciated!
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@Paul J. - If the loan was with a large bank (nation-wide or regional), you will probably get nowhere with them. These large banks rarely sell REOs before they actually list them with a Realtor. But hey, no harm to try. On the other hand, if it's a small local bank you may be able to get to someone who will work with you before they list it.
Thats what I was afraid of. I found out who the bank is via public record, will still try to give them a call anyways but they're a regional bank and I have a feeling I won't be getting too far. Thanks for the insight, I've never purchased a foreclosure and wasn't sure how it might work to try to get to it before it hits the market.
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