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3 lender owned properties in my bldg[SagamoreII]

How do I find out how to contact the bank that owns the properties?
When they quote a price what can I realistically offer-10-20% farther down from their asking price?
Is it best to pay cash right away or take advantage of the low interest rates.
Most important: HOW DO I FIND WHO TO CONTACT TO BUY BANK OWNED PROPERTIES?????????
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October 05 2010 - Plymouth
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Answers (4)

Just a gentle reminder.

Please refrain from putting contact information in your comments. If someone wants to contact you, they can find that information on your profile.

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October 05 2010
If you want to email me directly at [contact info removed by moderator] I'll get the scoop for you.  I've been listing properties for banks and their asset managers as well as helping investors and first time homebuyers purchase them for the last 9 years.  I know the intricacies  of working with lenders and their asset managers to purchase and value their inventory.  Because the banks and servicing companies hire me and other REO specialists like me to do the broker price opinions, I know the formulas they use to establish the properties value. I can also provide you with the information and strategies that will help get us to the asset managers bottom line in order to get you the best deal possible. Depending on the banks behind these mortgages I may already have relationships with them.  If I can't get to the asset managers there is a good chance that I know one of the REO agents that will end up getting the listing.   Whether its me or another agent, it's imperative that you work with an agent that knows the ins and outs of the "foreclosure game" and also has the time to teach you the tricks of the trade so you can make informed decisions on your future investments. You can also feel free to call or text me at [contact info removed by moderator]
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October 05 2010
Contact a Realtor.    Most bank owned properties are on MLS-   A realtor can help you with all negotiations and figure out financing options. 
Jane Oelfke
Edina Realty
6800 France Avenue
Edina, Mn
[contact info removed by moderator]
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October 05 2010
Banks that own foreclosed properties hire real estate agents to sell those properties. As a consumer you can't contact the bank directly.You would either need to contact the listing agent or another real estate agent.

Depending on the health of the Home Owners Association (HOA) you may have difficulty getting financing - and if financing were possible, it may not be possible to get FHA financing. If you can pay cash and close quickly, your offer tends to go toward the front of the pile as asset managers want to move these problems quickly - especially if the units are inexpensive and are difficult to finance.
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October 05 2010
 
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