Found Another One!
Man I am a day late & a few thousand dollars short. Heres another scenario. a property was auctioned yesterday back to the bank for 115,602. A brief comp of the area says this house is worth 140-150K. Is there a way to buy from the bank now? What are the chances of getting the property for what the bank paid? My thought is the bank would either list it with an agent, or unload it. what would you savvy investors do? I am thinking of at least contacting the bank to see if I can arrange to see it....
I would contact the bank immediately. In my area once they buy them back, they list them with REALTORS at full market price. I think if you speak with them, they will be happy to get their money immediately rather than listing it and waiting several months.
Thanks...How would that conversation go? Would you ask to see the property? Has anyone ever bought a property like this before?
Quote:
On 2004-01-23 11:04, hbomb wrote:
Thanks...How would that conversation go? Would you ask to see the property? Has anyone ever bought a property like this before?
I'd start by contacting either the Loss Mitigation department or the REO office. If you get a hold of Loss Mit ask who the broker is and contact him. Same goes if you contact the REO office. Once you get a hold of them let them know you'd be interested in purchasing the property. Tell em that you can save em time and money and you'll pay the $115k for the property. Make sure you let them know all of the fix up work it'll need and it's not in the greatest of shape. They'll probably want to get a BPO (Broker's Price Opinion) on the property. If you can be there when that's done you'll probably be in good shape. Just make friends with the person doing the BPO and you're set.
-Ryan J. Schnabel