Try calling and talking to somebody in their REO office. First establish that they own the property and that it was not an FHA or VA loan, in which case they will deed it to the government and their is nothing to do, except possibly bid on it when that agency puts up for sale.
They may well tell you they have a broker in the area and ask you to submit an offer to that person. If not, try to submit an offer directly to them.
Newbie needs help with an REO - Posted by Tony(AR)
Posted by Tony(AR) on August 23, 2003 at 22:59:11:
I have been in contact with a man who has lost his house (3BR/2BA) through foreclosure. The house has been sold at trustee sale to the finance company for $44K.
An appraisal that is less than a year valued the house at $64K. Comparable sales indicate the house is worth a little over $60K.
The former home owner let me inside to look at the house and it did not appear to need major repair. He claims that he used a good portion of the money to fix the house up. The only thing that appears to need fixing is the garage door and perhaps repainting on the inside.
The former owner is still in the house, but has recieved a 14 day notice to move.
Is there a deal here? How should I approach the finance company?