Buying REO properties in Texas

[Sheifta Anwar]

I heard that in Texas, after a mortgage foreclosure auction, when unsold properties go back to the banks, they wait 10 days before hiring realtors to sell them in MLS or via another auction. During this 10 day period, you can buy directly from the banks with a pre-approval letter and proof of funds. Moving quickly may lead to less competition and better negotiation, as banks aim to offload these properties promptly. I'm curious if this information is accurate or just hearsay.

[Wayne Brooks]

@Sheifta Anwar Highly unlikely….banks know they get the best price by getting on the market and most banks are just servicing for the actual loan holders…and they have policies to put it on the market.