Buying directly from Banks?

Question

Hello.  IF I have Cash is there a way I can buy 5-10 house packages directly from the banks?  Would I do this by calling the banks and asking for the reo department then show proof of funds?  I don't have a lot of cash but enough to buy a small package.  Any advice would be appreciated.  Thank you.

Scott M. · Answer

Buying directly from banks is not for the small boys - it really is for the big boys.  The best way to buy 5-10 properties from a bank is to work with their local broker - well - lets back up - a small private bank or a small local credit union may be a way - but - a large lender - really no chance to honest - well slim to none.

Find an reo broker in the market you want and see what he has - make offers on properties 1 x 1.

Remember when you buy in bulk - say 10 properties 2 will be good 2 will suck beyond suck and 6 will be okay - buying in bulk is good but you will always get crap in the package.

Find a local broker / reo realtor and make nice...

Ron Garner · Answer

Attention Cash Buyers!
 
I have been working with my agent for the past 2 months to get me in to sell off some motivated inventory from a well-known bank.  And it's finally here!  Since this inventory must sell before the end of year, we don't have time to waste. We are going to sell off a block of homes one at a time, so you're more than welcome to purchase a block of 5 or 10 or cherry pick...I do not have photos, but with the types of spreads these have you don't need a photo, LOL..You'll easily make $40k-$80K if you're retailing or lease purchasing.
 
Earnest money is 10% of purchase price!  This is strictly for the real CASH buyers who have been begging to get some crazy equity deals before the holidays..
 
Email me for list of available houses. serious inquiries only. Thanks!

Paul C. · Answer

I have found it frustrating somtimes working with "REO Brokers" who don't actually have a relationship with the bank's department that handles approving the sale of an REO. Is the only way then to find out who that broker is for that specific property that is representing the bank?

Eddie Ziv · Answer

In my area of investment, most banks work with a small group of real estate offices. Since the banks list their properties with those realtors, they have to pay commission any way, so most of the time they would refer you back to those realtors.

Steve Sparks · Answer

I can be done..I have done it..but it takes a lot of persistence and a lot of wasted energy to find the one motivated guy with the pen..you will also be surprised that guys who turn you down over and over again saying we don't do that..will eventually call you..but like I said it takes a lot of work and even more networking.

Eddie Ziv · Answer

It depends on what do you plan to do with those houses. It is very hard to get directly with banks although not impossible. Many of those banks who sell bulk properties would sell you... well, in bulk, meaning you cannot pick and choose. Some of those properties are cheap but may not worth the investment to fix them and then you get stuck with a big white elephant...

Buying directly from Banks?

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