Mortgage banks letting loose on there losses!
Hello!
Quick Question:
What is the best approach when contacting mortgage banks and making them (almost laughable ie.. 50 cents on the dollar) offers on their foreclosed property?
thanks
parisvegas
[addsig]
parisvegas,
Great question! You've come to the right site for knowledge.
Now that you're here, you would expand your knowledge base tremendously if you did a search on articles about short sales and through the archived short sales posts.
Then when you understand the rudimentary strategies through studying, and have a possible deal in sight, log in and ask specific questions. Folks here are very helpful to those who show gumption.
Good luck,
wgheisler
I write up my own offer and walk into the local branch of the bank that owns the property. Your offer should contain all the necessary contact information that would allow the bank's REO manager to get in touch with you. The local branch manager will usually be able to find out who should get your offer, and often will fax it to that person directly.
My offers tend to be about 50% of FMV, and I almost always get a counteroffer of the minimum amount the bank needs to breakeven. The counteroffer is usually too high, and I tell the bank's REO manager that I want the property as a rental and it won't cash flow if I go any higher than my original offer.
I ask the REO manager if I may resubmit my original offer next month, just in case they have a change of heart or new corporate direction. I always say thank-you for taking the time to consider my offer and part on good terms.
I do this with two local banks in my area. Since the bank already owns the property, this is not a short sale situation.
Often, bank owned property is listed with a real estate agent. If so, make your offer through that agent.
It is really that easy to submit an offer.
parisvegas,
Pardon my somewhat snooty answer! Perhaps next time I should READ-THE-QUESTION!
DaveT, concise responses like yours are what make this site so darn good! Thanks.
wgheisler