OfflineHello Fellow DG'ers, I have a Few questions, First off Im Just about to finish BAREM, I logged on to a foreclosure service and found a few in my town. about 3 stuck out to me. They are all in really nice neighborhoods. Altho the site doesn't list all the details, witch i would expect since i live in a small town Population 30-40k. They list the bank that owns the properties, and when i look under the banks website it isn't on there. All the listings are pretty current under 2 months. I called My Realtor to ask about these homes, and he gave me the price it will be listing at but said its not out yet. and the prices he listed were the prices on the site i was looking at. Ok heres my question, with the owner information is it possible to get the home before its listed with a Realtor. I have tried in the past to get one from Wells Fargo(local bank) and they told me that they just give the home to Realtors to deal with it. But theses properties are owned by different banks. Do banks sell directly to some one interested or must it go through a Realtor?? Thank u All for any help.
http://www.deangraziosi.com/content/southcentraltexas
South Central Texas REI Group
There are banks that will allow you to buy properties prior to them being listed. Some small banks in my area, actually try to avoid listing their properties with realtors. They do this for one specific reason - they have 10 different realtors that brings them business (loans) and if they list all of their properties with just one of the realtors, then the other 9 realtors will rethink their relationship with that bank. They will for a certainty be bringing their loans to a new lender, in hopes for return business. The bigger banks for the most part will have a set process and their properties will be going though to their approved realtors for listings. That's not to say that it is impossible to purchase the foreclosure directly from the big lender but certainly tougher.
I would recommend that you get a phone book or go online and get a list of all the banks that are within a 20 mile radius. Ask to speak with someone in the REO department. Find out if they have any properties in their current inventory that is not listed for sale by a realtor. See if they will send you an email with all of the inventory and the property specifics. Schedule an appointment to go and look at the property! I hope that this information helps!
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Thanks Salden, I did get in contact with 2 of the banks that had properties on the website i was at. Altho they are not local banks, I had asked for some one in charge of reo's and they transfered me to a Asset Manager and they gave me their normal procedures on how the dispose of their REO's altho it wasn't what i wanted to hear, It will not stop me from trying to acquire said properties.I will get in contact with some local bank as soon as i get home, and see what else is available. Once again Thanks.
http://www.deangraziosi.com/content/southcentraltexas
South Central Texas REI Group
When you find a property that is not yet listed with an agent I would find out who that agent is going to be. Tell them that you know the property is on it's way to them and you are interested in it. Although you won't beat the property to the agent they will give you a call when they get it and you may be able to make an offer before the property hits the listings.