Posted by Randy on October 08, 2003 at 14:58:37:
My suggestion is to contact the ?Loss Mitigation Department? of the respective banks. Ask ?What is their procedure to purchase these properties BEFORE their listed with a Realtor?? This is the most common procedure for many REO properties. Most are listed at 85% LTV of the market value, regardless of the foreclosure payoff, so if you can get the inside track before their listed?. It could be quite profitable.
BANK OWNED PROPERTIES - Posted by AJ
Posted by AJ on October 08, 2003 at 14:34:16:
Hi all,
I currently am a contractor, and I repair the properties that different banks own in souther california. These properties fit a rehab investors qualifications, or so I think from reading through the forums and some books, and from being a contractor and knowing the “real” cost to repair these properties, and what they would sell for at retail value. I have access to all these properties, I know where they are, I inspect between 5 and 10 of them per week because of work orders that I get, and I know the loan number and what bank holds the mortgage. It hadn’t hit me yet that I should start pursuing trying to purchase some of these properties until recently. Any suggestions or guidance as to what department in the bank to contact, or how to try and get them to sell me some of these properties? All help would be appreciated. BTW… i am in the southern california region. THANKS!