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Can you deal directly with a bank that owns an reo before it gets listed?

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September 11 2009 - American Canyon
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Generally no, but I have seen an asset manager work with the "short sale" offers that were hand delivered to him or her by the "short sale" listing agent.  The asset manager had an REO broker lined up to quickly re-list this "short sale" as "bank owned", but instead they accepted one of the "short sale" offers & it closed without having to spend money to make repairs, no termite, no city occupancy, no marketing costs, no eviction costs, no cleaning costs, no hauling costs, etc.  In this particular case, the "short sale" listing lasted for about 5 days total before the bank placed it on its website as a new REO property. The "short sale" agent wanted to get something for his efforts, so he was smart enough to hand deliver the offers he had up to that point directly to the asset manager.  If you called to inquire about this new REO property, a bank rep would tell you it was not assigned, you couldn't submit an offer & no price had been determined yet.  Behind the scenes, they had already asked all of the "short sale" offers in hand for their best & final. An offer was quickly accepted & it closed quickly.  The buyers got it for a song and the bank didn't have to spend much time or money on it.
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September 21 2009
most generally, No. Most banks will very quickly list the home with an agent, though it may take some time before the home is actively marketed.
Selling to an unrepresented buyer without marketing the home would have several risks for a bank:
1. How would someone investigating the sale not know that you were a friend of the bank representative? (and, for a bank employee to sell bank assets to friends at discounts would be felony fraud)
2. How would this look to bank investigators from the fdic or other agencies?

Unlikely to happen.
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September 11 2009
The answer to your question is , Yes. You will need to have contact with the person who's really responsible for the reo's. If you proceed in this way I would advise the assistance of a realtor to help you with comps, contracts and negotiations. But it can be done either way. best of luck
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September 11 2009
In most cases banks will use real estate agents to first determine the listing price for the home and then the listing of the home. There could be a few smaller banks with in house agents. But for the most part banks rely on real estate agents to list the properties.
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September 11 2009
 
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