Profile picture for Ed Hurst

buyer found a property and wants to make an offer

I am a license realtor and my buyer wants to make an offer to the bank and it is not listed at this point. Who can I contact at the bank to make our offer. ed
  • October 14 2013 - Skykomish
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Answers (6)

It depends on the bank and if that bank uses a servicing company to handle it's post foreclosure properties.  If you find out who is servicing the loan you can call the customer service number and find out the agent who is assigned that listing.  If the property hasn't been assigned I would suggest writing up an offer and faxing it to the customer service department to make sure they have your interest on record. 
Most banks won't accept or negotiate an offer on a property until it's been listed on the local MLS but there are exceptions.  Aggressively pursue contact with the bank, if you're not the bank will easily ignore you.
Good luck!
  • October 16 2013
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Profile picture for Amy Smits
If it is a small local bank that owns the home, I would certainly make a phone call to see if they would be willing to consider an offer. If it is a national bank, you are going to have to wait until the servicing agent gets the go-ahead to list. The "first look" provision typically only applies to Freddie and Fannie owned property. You may also make a few phone calls to your fellow real estate pros who specialize in listing bank owned property to see if they have the listing coming up.
  • October 15 2013
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You have to wait until the property is listed.

However, if it is bank owned, and a broker is assigned to it. They likely have "do not trespass" signs on the windows with their contact information. I would call them and see the status and when it will be listed.
  • October 15 2013
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This is where the buyer's agent serves a valuable function to their customers.  

I had a similar case with a buyer, and I signed up for email updates from the bank for when the property was listed (Wells Fargo).

If your buyers are investors and getting financing, they will usually have to wait through a "first look" period for potential owner occupants, before the lender will consider offers from investors.
  • October 15 2013
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Profile picture for Ed Hurst
thanks for the quick reply. I will ask the buyer to wait and see what happens to the property. Ed
  • October 14 2013
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Most banks have a REO, or real estate owned department.   At some banks the servicing department handles foreclosures.  In my area it is uncommon that a foreclosure will be sold before the bank lists it because most properties receive multiple offers.
  • October 14 2013
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