Posted by Millie I. on June 21, 2000 at 24:42:20:
After the Sheriff sale, it is not unlikely that the bank may take months before the house is released for sale. They may have to resolve a few second or third mortgages, or a couple liens before they can sell the property with clean title. The previous owner is out of the picture.
The REO Sales is run by a committee of executives in the bank. They make decisions, they don’t sell houses nor do appraisals. They hire a realtor to handle all that. Nowadays, a lot of REOs are sold through realtors. The banks may not be interested in direct negotiation with a buyer, unless they have special staff to handle it. You can always try calling them, one out of 10 banks might deal direct. Most of them will tell you that they do not have foreclosures.
Personally I use a buyer’s realtor. Yes, the bank has to pay the commision, and the asking price may be a few bucks higher, but I am a wholesale buyer, there is no way I could lose.