Posted by Dave Miller on September 17, 2003 at 19:09:38:
like Mr. Star said, it is up to the individual seller (bank) as to what they want to do. I am finding that it is much easier to convince a community bank moreso than national banks.
Purchasing REOs before they go on market - Posted by Russ Sims
Posted by Russ Sims on September 17, 2003 at 13:57:41:
Have found a number of vacant properties that are bank owned but not on market yet. Hmmm…It seems the bank would love to sell it (to me!) before listing it to save on commission, but my experience is that banks often don’t think logically. Anyone had experience buying directly from the bank in a scenario other than short sale?
Russ
Re: Purchasing REOs before they go on market - Posted by Nate(DC)
Posted by Nate(DC) on September 18, 2003 at 11:43:04:
Most banks - particularly the large national banks - have policies in place that require their REOs to be sold by agents, to prevent the REO manager selling the best deals to his brother in law, for example. That may be why you are not getting anywhere by contacting the banks directly.
When I have contacted banks directly about a property, the best I get is typically a call from them telling me who the agent is (or will be) when the property gets listed, and if I want to buy the property, I have to call the agent. The worst I get is no response at all.
NT
Re: Purchasing REOs before they go on market - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on September 17, 2003 at 17:22:25:
Russ Sims-----------
Why are you asking us? Why aren’t you asking the individual banks? Did you think I have list of all the banks in the country and what their policy is on selling the properties that they own?
Every owner is different. The former lenders are now owners. What they do is their individual decision. Only they can tell you what they might be willing to do.
Notice that if it is a HUD-insured or VA-guaranteed loan, the lende does not sell the property. They turn it over to HUD or the VA who does their own sale.
You can tell HUD and VA loans, in CA anyway, by the fine print at the bottom of the security instrument–Deed of Trust here in CA, Mortgage in some states. Or the fine print may be up just under where the clerk/recorder’s stanp goes. You are looking for HUD or VA.
Good Investing********Ron Starr*************
Re: Purchasing REOs before they go on market - Posted by Brent_IL
Posted by Brent_IL on September 18, 2003 at 17:11:43:
Ron,
We all know that you have a list of all the banks in the country and each bank’s policies on selling the properties that they own saved on your hard drive. It’s that same “negativity” used to discourage newbies from million dollar deals that really prevents you from sharing the list.
Brent
P.S. For the benefit of new readers a year from now, I had to click back and confirm that this is a joke. It sure is getting tedious to make off-the-cuff remarks. 
Re: Purchasing REOs before they go on market - Posted by Russ Sims
Posted by Russ Sims on September 17, 2003 at 17:57:17:
Thanks for the info, Ron, though I’m not sure what I said that elicited a flip response, or why you thought I was asking you personally, for that fact.
I realize that lenders have varying policies on their REOs,but there are general policies that many lenders adhere to…for instance many lenders handle short sales in the same manner. I have called lenders recently (granted, only 2), only to get the run around and the promise of calls returned(they never were).Before spending hours on the phone, I was hoping that perhaps someone had some general experiences to relate about the willingness of banks to sell the homes before they are listed.Good investing to you, as well,
Russ