Profile picture for andrew69

I'm looking for upcoming bank owned properties.

We're outbid everytime we make an offer.  Where do I find bank owned properties that are not on the market yet?

  • October 02 2010 - Temecula
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Answers (13)

Best Answer

Profile picture for Team Forss
There are many good comments below.  We actually do list bank owned properties for many of the largest lenders, including Bank of America and Wells Fargo. 

You can certainly go to a trust deed sale and buy them but it's risky as you buy them as-is and you also have to pay cash. 

Buying bank owned allows you to inspect the property, it's sold free and clear of any liens and you do not have to pay cash.  It's true that we generally have multiple offers on our bank listings.  Some banks ask us to market it for 8 days to home buyers before they consider an offer, and then wait for 14 days to accept investor offers.  Other banks allow us to sell homes as soon as they hit the market, i.e. they can accept an offer before or at the same time it's on MLS.  Generally it has to meet asking price.  

There are several websites that offer access to foreclosures, like realtytrac, foreclosureradar etc. You have to pay to have access to them.  If you'd like to access foreclosureradar for free you can go to our website and then click on foreclosures. 

It doesn't say what financing etc you have, or if you're paying cash.  There are many things you can do to give you an edge when it comes to writing a successful offer.  Work with an experienced agent who's very familiar with foreclosures. 
  • October 06 2010
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It might not be that you are outbid.  There might be some other factors playing here.

Are you using cash or loan?  For example if you are using a loan and bidding too high a real estate agent will not pick your offer because when it comes time for the appraiser to view your house they will not approve the loan for a house worth less than you want to borrow.  Therefore, your offer is a waste of time.

Make sure you are bidding about ten grand over the listed prices and not more.  If people are swooping up the houses you want with cash, than call me because there are a few things you can do depending if it is an investment home, or your primary home. 
  • February 01 2013
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I deal with many real estate investors such as yourself just frustrated with the entire bank REO process. Have you thought about going straight to auction? There are some great deals going to auction on a daily basis. We provide a daily list of bank owned properties. I work for one of the largest REO brokers in town. Let me know if I can be of any assistance at this time. Here to server
  • October 04 2010
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Profile picture for Willy04
Actually, Fannie Mae foreclosures are listed on their website before it will appear in the MLS. You may try other major financial institutions' websites.

Maybe your offer is low? It is said that the listing and sales prices are closer in foreclosure than in private-owned. Check your market. Also there is a trend that the price gap between foreclosure and private-owned becomes smaller this year. I'm not sure if foreclosure is still a good deal ...

  • October 03 2010
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To get homes before they go on the market you might have to go to the auction. That isn't possible for most, so I am finding that buyers are getting their best deals in short sales. Only one offer will be submitted to the bank and if you are first it will be yours, but even if you are not first a back up offer often is the one that gets the house because of impatient buyers leaving too early. In our market, in Temecula Valley  60% of the homes are short sales, next about 30% are standard sales (investor flips that may have been improved) and the balance are REO. REO asset mangers want market value and so many of them do not want the homes sold outside of the MLS, they want maximum exposure which can mean a week to 10 days on the MLS before they will entertain any offer. So once again a short sale may be your best bet and one that have been on the market awhile may give you a real bargain.

  • October 03 2010
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Profile picture for MoniqueU
The house next door to mine was just foreclosed by fannie mae. I am in a tear down neighborhood. The appraiser went in and told fannie mae the house is still good for resale.
There have been many offers but fannie mae has turned all of them down. Fannie mae has had crew after crew fixing the house up for resale. I find this a big government waiste since the house will probably be torn down in the near future.
I went in to look at the work too. Very crappy work, too. They were just spray painting over all the old paint without cleaning up the surfaces.  I guess they took the low bid. They did the hard wood floors before, they painted. In my opinion, I would have painted first , then refinished the hard woods.
If you are looking to get a house for 50% off. Its not going to happen with fannie and Freddie now, the realtor told me. Especially in a good neighborhood.
  • October 03 2010
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In my area which is SW Washington the only way that I know of how to buy a banked owned property prior to it coming on the market is when the banks try to have them auctioned at the court house which requires the buyer to have the ability to pay cash.  If they do not get a buyer for the price they want at the auction they then will list it with a real estate broker.

  • October 03 2010
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Hello Andrew, how many homes have you made offers on in the last two months?  Are you making low offers?  Even though the market has dipped a bit within the last two months, I'm finding bank owned homes are still receiving multiple offers. 
If you don't mind me asking, are you making offers on Standard Sales?  I'm finding more and more Standard Sales that are priced right. 
Let me know if you need any assistance.

All the best!

Ryan Smith
Lic # 01334440
951.595.7490
http://www.therealtorryansmith.com
  • October 03 2010
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I have my eye of a soon-to-be owned BofA home, soon to be taken back by BofA and in foresclosure. My inside BofA source says BofA only accepts offers via the listing agent, so what use is it to find homes before they are listed?

That said, contact a company like RealQuest (CoreLogic), you can pay to subscribe to title info listing homes in the foreclosure process..
  • October 02 2010
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Andrew you might want to take a look at Fannie Mae homepath.com there are some great homes listed at reasonable prices.

Fannie Mae is also offering incentives to buyers who purchase one of their properties. 

"Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if desired and available. In addition, selling agents representing owner-occupants will receive a $1,500 bonus. Eligible offers must be submitted on or after September 23, 2010, and must close by December 31, 2010. The sale must close within 60 days of the offer being accepted."

You can also take a look at Freddi Mac's homesteps.com site for their list of REO properties.
  • October 02 2010
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The answers given below are good.  There are many foreclosure data websites that give the impression you can get in on a property before it hits the market.  They do this to sell their subscription services for their foreclosure data.

The entities that buy foreclosed properties off market are large investors who buy bulk sales that are sometimes offered by Lenders.  These are groups of properties, usually hundreds or even thousands, that are sold as a package, no selection and often no inspection.

If you have a few hundred million dollars in cash to invest, you might want to try that angle.  Sometimes there are small packages for $10 or 20 Million available.
  • October 02 2010
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Hi Andrew,
You asked,... Where do I find bank owned properties that are not on the market yet?  
I ask, what are you going to do with a bank owned home that is not on the market yet?  There is not a lot you can do with it.  Banks only take offers after they have it listed for an assortment of reasons.
Your very best bet is to get set up with a broker agent who will send you automatic emails of homes as they come onto the market and show them to you asap.  It may take a while to get a property you desire however it is doable.  If you need help with it let me know.

Harold Sharpe - Broker
So Cal Homes Realty
[contact info removed by moderator]
California Department of Real Estate License # 01312992
  • October 02 2010
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Banks rely on real estate agents to list their properties so the agents (for the most part) control the pipeline of properties coming onto the market once they have been assigned by the bank's asset manager.

Depending on the sophistication of your local MLS system, your real estate agent could potentially set up a search with select parameters like price, size, neighborhood, etc and when a property enters MLS you would be sent an email - often within hours of the home hitting MLS.

I use this sytem to track new listings all over town. There was one property that came onto MLS in the morning and by that evening we had an offer into the listing agent with acceptance two days later.

 While it's no guarantee that you won't be outbid, you will at least get first jump on any new properties as the best deals go fast.
  • October 02 2010
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