would like to skip the wholesalers

Question

would like to skip the wholesalers and buy directly from the banks.  I've checked a few regional bank websites and have found at least two to be out of date.  Has anyone had luck purchasing one or two at a time from a bank?

Mark FitzGerald · Answer

I have bought several properties directly from a local bank.  The trick is developing a relationship with the right people.  The bank wants the property gone for the highest dollar.  If they can get them off their books in less time, without having to clean up the property and avoid paying real estate commissions they will jump to do so.  If you know any commercial lenders from local banks I would reach out to them.  They have to know that your a serious buyer and won't waste their time.

Account Closed · Answer

Fred,

Please pm me.

Joe Gore

Dallas, Texas

Fred H. · Answer

Since I am a member of my local board I have access to and see the bank owned properties on the MLS.  Have been tracking for several years but they really don't seem to be deals now.  The supply also seems to be dwindling.  Will try the homepath site.

-fred

Simon Campbell · Answer

Most REOs are listed by real estate agents and will be found on the MLS. Another option is to go visit the HomePath website, they have a listing of active Fannie Mae foreclosures.

Remember, however, that you are going to be competing against wholesalers on these listings. Make sure your offers are reasonable and limit the number of contingencies.

Jon Holdman · Answer

Yes.  But they're not direct from the bank.  Banks almost always list their REOs on the MLS.  Get an aggressive agent who will help you spot these when they first appear and when the prices drop and make a lot of offers.  If you build a direct relationship with a small, local bank, you might be able to buy something directly.  But by and large REOs are sold via the MLS.