Bought Back BY Bank
Ok guys,
Property I'm interested in picking up, went to auction (I wasn't there) and was bought back by the bank (for 96k, comps are about 175) How or whom would I talk to at the bank, to offer them 100k to buy the property?
When you call the bank ask to speak to loss mitigation. Offer them $1.00 more than they paid for the property,if you had been at the auction your bid would have won. By the way you will get the run around finding the loss mitigator.
I believe loss mit would only be helpful prior to the auction. Now it is a REO. If it is a small bank, you might be able to get them to sell prior to them listing it on MLS. If it is a larger bank you will be wasting your time. They have whole departments, or they subcontract out, to get the house ready to list on the MLS. They have no time or authority to stop their internal processes to sell to an individual.
Brenda
Gee, what a bargain for the foreclosing mortgagee....unless it wasn't the first mortgagee that was foreclosing.
Brenda has hit it right on the money.
The easiest way to purchase this property now is to contact your real estate agent and have them find out who is, or will be, the listing agent and make an offer.
Roger