I live very close to a property that has been vacant for a couple of years and, in my opinion, would be a make for a good wholesale deal. I've researched the property on my town's registry of deeds and found the current holder of the mortgage (Nationwide, if I recall). I called the mortgage company with the hope that someone could tell me how to purchase the property. The response was "you're not listed on the mortgage, have a nice day". Ok, about what I expected. So, then how does someone go about making a deal with a bank- (or mortgage company-) owned property? I wouldn't be surprised if this question didn't have a simple or brief answer so I appreciate any and all feedback!
That blows my mind!
I don't understand all of it but why wouldn't the bank want to get it off their hands?
The banks only release homes in bulk first to institutional investors (Wall Street). The homes they don't buy have to then move through the system until the Asset Manager gets to them. They are then given to a real estate agent to list or put on an online auction.
Your best bet is to find a local investor friendly realtor and have them give you the all the REO listings on the MLS.
I probably didn't reach the correct person at the mortgage company first of all. And, I may not have said the "right things" when the customer service rep came on the phone (?). I'm sure the bank (or mortgage company) does want to get rid of it...and that's why I'm pursuing it.
In general, I'm hoping to learn the correct strategy for dealing with a mortgage company who owns a distressed property.
David, clarification on some things;
Why do you think it is bank owned? You say vacant and the mortgage holder is XXX, but how did you arrive at the fact that the bank had ended up in possession of the property?
The rep said "you're not listed on the mortgage", which goes back to the first question. It sounds more like a distressed situation where the bank doesn't own the home yet. Could be the rep just gave the standard "go away" line, I don't know that's why I'm asking.
Assuming you are correct, then as far as getting in contact with the asset manager for this specific house...don't hold your breath. There are a very very few people here on BP (like 2-3) that have had contact with actual asset managers, and all of them have said getting that contact took years and is a closely guarded phone number. It's not because they're trying to keep anyone else out it's because the way the bank REO sales work they want them to go through the MLS. The ones that are sold on direct contact with the asset managers are done with higher volume buyers like @Christian Marin mentioned.
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