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Foreclosed by Lender but not on the market yet

Do foreclosure specialists contact banks on foreclosed properties that that bank owns? Or does a buyer have to wait until the bank puts the property up for sale? I just wondered if banks bump processing, if they have a valid offer. Thanks.
  • July 14 2014 - Gainesville
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Answers (2)

I agree with Deidre. There is no rhyme or reason as to why the banks foreclose or decide to sell as a short sale, but if you are trying to buy a particular property the look up the lien holder. Contact the company and try to get to the "asset manager" as this is typically who will be able to negotiate with you. More than likely though for it to get to the negotiation process there will be a listing agent who you contact first. If you are trying to buy in a particular area then set up a "saved search" here on Zillow and you will get notified as the foreclosures become listed. I am trying to buy a foreclosure myself, and the number one wayt to go about it is to have LOTS OF PATIENCE!!! Good luck!
  • July 14 2014
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In some cases and depending on the bank a foreclosed house can sit for many months before it is offered up for sale.  I had a short sale with Bank of America. They finally approved the closing date to me,  I told the buyer and seller and the very next day BOA called the owner and said the sale is off and they are foreclosing.  The house sat festering for 8 months and finally went back on the market and sold for $80,000 less than what I had negotiated.   
 Banks work in mysterious ways and you never know. 
  If you know which bank owns the property you could contact them and try to make an offer. If you have to wait perhaps you will be the first to be notified when it goes back on the market.
 Good luck.   
  • July 14 2014
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