How to make offer to bank owned property?

Question

I found a property that had a reverse mortgage and the owner relinquished the property to the bank. The property has been empty for 6 months. Any tips in finding the bank to try and make an offer?

Ron S. · Answer

Can't make an offer to the bank unless they own it. They don't (won't) own it until/unless they foreclose and no one bids at the sale. Then, when they do own it, they will list it, and you'll talk with their realtor if you want to purchase it but, not the bank.

Lynnette E. · Answer

And, just so you know, reverse mortgage foreclosed property is not a bargain. The rules are pretty strict about the pricing and they generally will not bargain.

Kelly DeWinter · Answer

Look up recorded deed at county, IF the reverse mortgage is recorded or call a Title company and ask.

Boris Portnov · Answer

Your stating the prior owner relinquished the property to the bank. Does this mean he signed a deed in lieu or he just abandoned the property?

Unless he signed a deed in lieu, the bank doesn't own the home and your best bet is to get in touch with the owner and short sale the home. Otherwise wait for them to foreclose and purchase at auction.

If he did sign over the deed it's now an REO then you can't purchase directly from the bank. Eventually they will list it as on the MLS.

Research to understand the process in your state....

Bob Prisco · Answer

@Drew Culp 6 months is nothing, it probably will not go for sale for years as it has to go to auction 1st. Then if nobody bids, you may have a shot. . Sure call the bank, but IMO you will not get anywhere with the $15 an hour person on the phone that is clueless.

Good luck

PS much easier ways to get props,,,,,,

Good luck

PS much easier ways to get props,,,,,,

How to make offer to bank owned property?

How to make offer to bank owned property?

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