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how do you contact a bank concerning a bank owned property?

If I am an all cash buyer. what is the best approach when contacying the bank about a property they have?
  • December 16 2013 - Jersey
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Answers (3)

It's just not likely to work - lenders foreclose and it can take them weeks to months to get the property re-listed and on the market.  Until it's listed for sale with an agent it's not available for sale - and the lender isn't going to be interested in trying to work with you - sad but true news :o(
  • December 16 2013
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Profile picture for Eric Locke
Banks won't talk to you about houses in foreclosure even after they have the back.  The standard procedure is they must make it available to the general public through either auction or MLS.  They will not allow you to come in & buy the house before then due to policy restrictions.  If you are really serious about it, you could try & buy the note from the bank.  Usually, that will have you in a big legal mess & paying more than you should.  My suggestion would be to find a good Realtor & have them set you up on an automatic notification for when the property is available to be purchased.

Eric Locke
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  • December 16 2013
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Trying to contact a bank is a waste of your time. Often a bank gives the properties to an asset management company to deal with since a bank is not set up to do that and they won't talk with you - cash or not makes no difference. When a bank has a property to sell they get it listed on the local MLS system with a Realtor or the asset company lists with a Realtor. In either case it will be listed with a Realtor so contact any Realtor you want and they will help you.


tim
  • December 16 2013
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