How can I approach this one - Posted by Joe

Posted by Tom-FL on July 13, 2003 at 09:35:11:

Yep, absolutely. Two very good points there. I was going to go on with a bunch of reasons the bank won’t talk directly to buyers also, but it was somewhere near 3AM and I could barely see the screen anymore. I hadn’t even considered the “local knowledge” point you brought up though.

How can I approach this one - Posted by Joe

Posted by Joe on July 12, 2003 at 22:36:55:

I followed up a pre-foreclosure property to the end of the auction. It went back to the lender. I am trying to buy the house from the lender before it is handed to the realtor. I talked to the lender’s attorney and I was told that the lender did not want to sell it. Also, I talked to the lender’s REO department and they told me go to their website for a list of foreclosured properties that are assigned to realtors.

Does Anyone have any suggestion on how to approach the REO properties and acquire them before realtors took control of them?


Re: How can I approach this one - Posted by Tom-FL

Posted by Tom-FL on July 13, 2003 at 02:01:52:

What does it matter? They are paying the commission, not you. They sell with Realtors for a reason, namely that they don’t want to mess with buyers.

Re: How can I approach this one - Posted by Ed V(baddog)

Posted by Ed V(baddog) on July 13, 2003 at 24:10:53:

I hope you get a better answer than I am giving you here. Mine is mostly advice. The easiest way to get things done in this world is to know who to talk to first. Like most things, especially banks, talking to underlings will get you confused, frustrated, mad, bewildered, etc. Know what I mean? Don’t approach a bank on a certain property until you know who to talk to. Go to that bank to find out how the whole process works for that particular bank. They are all different. Don’t be too pushy or a pest, but people, for the most part, love to talk about there jobs and how it all works. Good hunting!

Re: How can I approach this one - Posted by Alexander Manuel

Posted by Alexander Manuel on July 13, 2003 at 08:24:40:

I agree with Tom. It sounds like you are a bit too personally vested in this property for some reason- but hey, I’ve been there too.

What I did was find out WHICH Realtor was assigned to the property and contacted them even before they knew it was in their pipeline. I made a fair offer (still below market) and was able to close the deal.

Hope you get the property.

Alexander Manuel

Re: How can I approach this one - Posted by michaela-ATL

Posted by michaela-ATL on July 13, 2003 at 08:23:16:

a lot of those realtors have a list of buyers, so, once they get a listing the property is out in the open and a lot of competition.

Also, a broker is probably going to have a market survey and he/she knows how much it’s worth. It’s easier to get a ‘deal’. if the bank is selling themselves, sitting in another city, not really knowing what the neighborhood is doing.