Bank REOs

[Stephen Tangwa]

What will be the best way to approach a bank to convince them give you access to some of their forclosure inventory before they are assigned to their agents? I have gone to the bank to talk to the mortgage asset manager for the week and the answer I have had is to contact the corporate office. Can someone give me an idea on how to handle this?

[Will Barnard]

Unless you are talking about small local banks or credit unions, it would be highly improbable for one to be able to get a sit down with the one in charge of making such decisions and then granting your wish.

You would be better served to make relationships with the top REO brokers in your area and when they have deals coming down the pipeline, you would want to arrange access immediately following the eviction/clean-out so that you may assess the property and calculate your max offer amount. From there, your hope is that the broker can justify a BPO price to the bank at or below your price point and then hope that this BPO price gets approved. If and when it does, your offer should already be in the hands of the agent for submittal.