Posted by Nicholas on September 22, 2004 at 10:11:38:
I’m in the same boat. I call the lender who directed me to the listing agent. Listing agent says they can’t do anything until it’s officially listed. Can someone provide some suggestions or insight on how to move on this?
Bank owns property but is not listing - Posted by Janette
Posted by Janette on September 22, 2004 at 09:25:45:
I found a bank owned property. Looks like I can make a great deal, but the bank is just sitting on it. they are not listing it. Do I attempt a short sale, or what approach should I do. I guess it is post forclosure…
How do I get in on this deal?
Re: Bank owns property but is not listing - Posted by Frank Chin
Posted by Frank Chin on September 23, 2004 at 08:53:52:
Janette:
You’ll have to wait till the bank follows its own internal procedures to determine its time of sale.
When I was active with REO’s during the last down market here, banks would sit on a bunch of properties till its time to auction it off, or list them with agents. This is not the case in the hot market today where REO’s are sold at or even above market, according to recent news reports.
These procedures are designed to prevent fraud and collusion between investors and bank employees. How would bank management know that a 300K property, short sold to an investor for 150K, was not the result of a 25K bribe to the banker??
Now, things might be different if you were offering at or above market price.
Frank Chin
Re: Bank owns property but is not listing - Posted by Kristine-CA
Posted by Kristine-CA on September 22, 2004 at 11:14:02:
It’s not a short-sale situation–short sales are negotiating a discount on the amound due the lender. The lender owns this property now. Where I am, it can take anywhere from 4-12 months before an REO is offered via the banks listing agent. Sometimes longer. And, as the other poster pointed out, the bank may refer you to the listing agent but the agent does not have it available to list. Frustrating. I don’t have the patience for REOs (or agents) so that’s why I don’t work them.
My suggestion would be to find someone at the bank who can tell you when and where it will be listed. And keep tabs on it. There may be other investors/buyers watching it as well. Kristine