Getting the banks managing forclosures to talk to you.

5 Replies

I keep finding forclosures but I can't seem to get the banks that own them to deal with me. So much "not my department" and tons of run around.  Seems they prefer for it to go to auction.  Any advice?

With any apathetic, uneducated behemoth, it takes patience for sure.  Ask for their loss & mitigation dept maybe?  I haven't bothered. Receiving apathy and finding ignorance when you are trying help is more than I can handle!  If you figure this out, please share @Todd Molter .  Happy to meet a fellow Washingtonian anyway!

They won't talk to you, you're wasting your time. They'll be listed as REO's, or placed on the third party auction sites.

Thanks Wayne, I guessed that was the game.  Even when they didn't sell at auction they would talk with you and they sent it to an online auction.  Guess they are fishing for those who will overpay.

yes, they want market value, and they only get that by exposing them to the open market.  And can you imagine the headaches if they tried to deal with thousands of individual buyers trying to buy individual properties, one at a time?

@ Steve Vaughan - I'm guessing you didn't get what you wanted, either as an agent or as a possible homeowner, and that this temper tantrum you are spewing is the only way you can express yourself? Ignorance, lack of education and apathy? I'd look into the mirror before you start labelling people so wildly.

There is an actual reason and its not related to your conspiracy theories Steve. Lenders/Servicers/Banks do not speak with potential buyers directly because they want to maintain the arms length component in a possible transaction. Dealing directly with a prospective buyer gives the appearance that they are negotiating with an entity without openning the transaction up to the market. The regulators don't like it, examiners don't like it and neither do state and federal entities. By limiting communication to the represented parties (License agents), you mitigate the potential for fraud, maximize potential (Stress potential) recovery and keep everything above board.

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