Posted by SCook85 on December 28, 1998 at 23:48:11:
The bank is definitely motivated, especially if they have had the properties over one year. I would guess that if they have had them that long that the properties are listed or they want to much.
My advice as far as talking to the bank is this, treat the person you talk to like you would anyone else. They are not better then you, in fact when it comes to there knowledge of real estate investing you are probably far superior to them. They don’t need to know what you are going to do with the property, they only need to know that you are an interested buyer. That is all you need to convey to them. If they are able to sell the property you better believe that they will talk to you about it. In some cases when a bank owns a property that long, there are title problems that are preventing them from selling the property, in these cases the banks usually just blow you off. You also have to make sure you are talking to the person who gets into trouble when the bank owns a property to long. If you have the wrong person on the phone you will have a person who doesn’t care whether or not the bank sells.
In any event just call them. You will learn from the experience. Get them talking as much as you can, learn as much as you can. They are regular people like you and I, don’t be intimidated.