Buying a foreclosure from US BANK NA after auction.

Buying a foreclosure from US BANK NA after auction.

Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes

A property I'm interested was sold to US BANK at a foreclosure auction. Has anyone had success in buying a property from this bank before it is listed on the MLS? I want to call them direct but not sure how to increase my chances if that's possible. Kind regards Suzy

0Reply
100 views

Most Popular Reply

Real Estate Broker · Miami Beach, FL · Member since 2015 · 17 posts · 5 votes
10y

look for Lis pend or the final judgment documents 

See this reply in the discussion

13 Replies

Jump to latestLatest
  • Real Estate Investment Attorney · Kingsville, MD · Member since 2016 · 643 posts · 408 votes
    10y

          @Suzane Ivas

    Once it goes to auction and is sold back to the Bank, you are out of luck. It goes to their REO department and is immediately placed with an Agent and a property maintenance company. If they entertained offers on every phone call they received they would be sued for playing favorites with investors.

         Rich Baer, Esq.

  • Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
    10y

    Thanks. Have heard some people have had luck contacting banks direct and many so called courses recommend doing this.   Maybe it's not as common as I thought.

  • Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
    10y
    Originally posted by @Suzane Ivas:

    Thanks. Have heard some people have had luck contacting banks direct and many so called courses recommend doing this.   Maybe it's not as common as I thought.

    Have you ever come across a "guru" who admits it's really harder than their material suggests?...

  • Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
    10y

    Gutted!  Lol.  

  • Real Estate Broker · Miami Beach, FL · Member since 2015 · 17 posts · 5 votes
    10y

    Hi

    try contacting the lender;s attorney , make your offer through them 

  • Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
    10y

    Thanks for the post.  Is this something you have had success with?

  • Real Estate Broker · Miami Beach, FL · Member since 2015 · 17 posts · 5 votes
    10y

    its works 50% of the times

  • Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
    10y

    At those odds its worth trying.  Thanks.

  • Investor · Saint Petersburg, FL · Member since 2016 · 29 posts · 14 votes
    10y

    Just one question.  How do I get the name of the Banks attorney? @Francis Lamadrid

  • Real Estate Broker · Miami Beach, FL · Member since 2015 · 17 posts · 5 votes
    10y

    look for Lis pend or the final judgment documents 

  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Rich Baer:

          @Suzane Ivas

    Once it goes to auction and is sold back to the Bank, you are out of luck. It goes to their REO department and is immediately placed with an Agent and a property maintenance company. If they entertained offers on every phone call they received they would be sued for playing favorites with investors.

         Rich Baer, Esq.

     @Suzane Ivas

    @Rich Baer

    Not always true, for the major banks yes. For some smaller local banks, some folks will get a call with a subject property. Same token this takes a few years of solid business and banking experience with said bank to be on their buyers list.

    For the norm no ,Rich is correct for the most part this does not happen

    Sorry had to add my two cents

    Alex

  • Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
    10y

    Once the bank owns it...there isn't an attorney involved. It's an asset manager. Why would an attorney be involved with an REO bank property? They are involved in the foreclosure but once that is done, they are done.

    I'd listen to Rich on this one, even though he is an attorney (jk Rich...). I do not believe that anyone would have any success contacting a bank's attorney to make an offer on an REO at all, let alone 50% of the time. The only way that is gonna work is if the bank's attorney is also the REO manager and the only way that's gonna happen is if the bank is a small mom and pop bank where their general counsel has multiple roles. That's definitely NOT the case with US Bank.

  • Providence, RI · Member since 2018 · 1 post · 0 votes
    8y

    Maybe another option is getting a private lender or hard money lender and buy the property then sell it to an end buyer.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.