Profile picture for trucquyen1

Can I make a offer for bank owner house that still not on the market?

  • June 02 2011 - US
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Answers (5)

Profile picture for VanessaCollinss
You can decide that you want to put on offer, but the offer won't be reviewed until the house goes into the market. Let the listing agent know that you are interested in putting an offer and you will have priority by being the first one to put the offer. I am a bank owned expert and we hold a large inventory of bank owned homes. We hold open houses before the home goes into the market to let buyers have the opportunity to preview the home. If you are interested in bank owned properties I can give you a list of our properties that are not in the market yet and you can let me know if any of them interest you.
  • June 03 2011
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Profile picture for yourNWAhome
Some states do have redemption periods, but some don't. You're best bet is to talk with the listing agent to find out if the bank is willing to entertain offers during the pre list phase. If you're working with a buyers agent, have them contact the listing agent.
  • June 03 2011
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Profile picture for myraespinosa
Buying a foreclosure or REO (Real Estate Owned) property before is available on the local multiple listings services not as easy. The banks are expecting to obtain the highest and best price for their REO's properties. After reprocessing the property through a foreclosure process, the Banks hire local real estate agents to market and sell their property. Working with a local real estate agent with experience on how to handle REO could be beneficial. Ask your agent to set up listing search, so when a bank owned property comes on the market you receive an email alert if not have the agent monitoring the listing in the area of interest. Good luck with your search! 
  • June 03 2011
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In working with a small local bank, I have learned that there is a redemption period after they foreclose or the property goes to auction.  During that period, the homeowner could redeem the property if they got a new mortgage or were able to pay it off.  This can be 60-90 days and during that time the home is really in limbo.  The bank can't do anything to it or sell it yet.
  • June 03 2011
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There are ways to buy homes from banks prior to  them hitting the market but it isn't the easiest thing to do. You are better off watching and waiting . Have your agent set up a notice on the MLS so as soon as it is listed you both are notified.

Good Luck,
Ken
ApexOne Realty
  • June 02 2011
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