OfflineHi everyone, I live on Long Island in New York. My partner lives in Manhattan. Right now, we are working on finding deals In Nassau and Suffolk County on Long Island. I have an outstanding political contact that gave me a list of about 30 addresses AND the SCTM# to homes that are abandoned and foreclosed. We drove around and looked at all the properties and they are awesome and in prime areas. These properties have not gone to the realtors and are bank owned. How do I get the banks or the banks attorneys to talk to me and allow me to make a cash offer? I have all the cash buyers I need and I'm so frustrated. I have tried twice and no offense to those in the business, but these people are rude and obnoxious.
I looked at a foreclosed home today....just for the hell of it....through a realtor. She told me that she has tried to put offers in to banks for many of the cash buyers she already has as clients and they never accept it..... They tell her that she has to wait until she get the listing and it's listed. This is so stupid. I have access to all these properties and basically what I am being told is that I have to take my golden opportunity, wait and share it with every other investor when it gets listed.
Does anyone know how to reach out to the banks or their attorney's? Is it true that in the state of New York that the property has to be listed with a realtor before you can make an offer because you cannot make offers to the banks?
I'm sick over this and I refuse to accept this as being the correct information. My friend/connection is ready to hand me even more properties and I can't make a move on the ones that I already have.....Does anyone know of a realtor that has a brain, works on Long Island and can figure a way around all this? A realtor? A broker? Someone that is creative, seasoned and has put offers through banks or the banks attorneys before??
We really need help. I cannot miss out on this opportunity!!
Thank you all so much in advance!! God Bless! ⏳
Karen
This is the sad reality of what you are dealing with.
1. The bank is a business
2. The bank wants to make as much money as possible on their REOs.
3. Why would they sell at a discount when they can list it and get all the money?
4. That is all there is to it.
SMALL banks and credit unions are your best source when trying to go direct with them.
Any major lender WILL list their REO's on the MLS to maximize the purchase price. This is the real world. Offer on them as soon as they hit the market.
Banks do sell their REOs in bulk to accredited investors. Investors that have Hundreds of thousands of LIQUID funds available to them. Big banks don't sell REOs one at a time to investors that want to double close. Again, small banks might.
Blessings!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I tried for 2 years to get a property from Deutsche Bank. I even went to one of their regional offices and even faxed them an offer with a copy of a cashiers check. Nothing. They finally auctioned it off online. I would search the recorders office and try to deal with the owner if the bank hasn't actually foreclosed on the property.
Karen, I'm not an expert in this area and I'm sure there are many in the DG family that can help you. Each bank has a person who is the "asset manager" of these properties. As the market is going up, I'm sure that some of these banks are sitting on the properties waiting for the properties to continue to go up in value or they don't want to release too many at one time and cause the market in that area or neighborhood to drop in value. The title of these managers escapes me at this time. I like to think of them as troubled assets that you can help the bank out with.
Depending on the size of the bank or their motivation (like the regulators frowning on or other areas of their business), they may be willing to give you and your partner a shot at a cash sale. A smaller bank obviously will be more motivated than the big mega banks. If you and your partner have a strong buyers list perhaps you can offer to buy several of these properties as a package at a deeper discount. As you build trust and rapport with the manager,you will likely get access to other banks as well.
I wish you well on this. I'm glad you are treating this as a temporary inconvenience and not as a major set back. Go get 'em!
Patrick
_____________________________
Be the person you were always meant to be.
Due to New York’s judicial foreclosure process, a private-label RMBS loan in New York currently spends an average of 1,498 days in foreclosure proceedings before exiting. That’s up from 1,339 days as of 2013’s fourth quarter.
http://www.housingwire.com/articles/31418-new-yorks-foreclosure-backlog-...
I'd check the tax records and see if the bank actually has the property as an REO. If not, try to find the owner and maybe reinstate the loan or pursue a short sale.
to as "loss mitigators" or "loss mitigation department"
You are right, in this state the judicial procedure is a big hinderance but us as DGers always have more then one option of getting deals......
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
I have made offers on REO and as TRSD said, followed the property and found it sold for LESS than I had offered 16 months later.
Forelosures are usually handed to a Realtor to list.
As Walt said, the 'Loss Mitigation' dept of the bank is the place
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
The property I was following had no bids at 273,000 and it became an reo. It was vacant for 4 years and was in excellent condition except for the landscaping...no graffiti, no broken windows. The bank put it online just before the county was going to auction it off for back taxes and it sold pretty much for retail at 337,000
Thanks guys for all your info.....Heavy sigh....
Be well!!