If the bank is the owner of the property, it is entirely up to them IF they want to sell it at this time or not. Waiting is about the only thing you can do.
Who did you speak to when you called the bank? Was it actually someone who is responsible for REOs?
Also, it is much more common now for the banks to list with an agent thru the MLS, rather than take offers directly. It's simply the way the want to do business. I personally have a local, small-town bank that will fax me all the info on all their REO's, however, IF I'm interested I have to go thru their broker to make an offer.
My experience has been very poor in getting REO offers negotiated directly between the bank and myself. Remember banks are not in the real estate business and thus they really dont have the time or resources to take hundreds of offers on their REO properties and negotiate terms, follow up on closings, etc. Its just easier for most banks to have a select broker or brokers handle their REO properties. The brokers are paid commission and have a good understanding of a homes value and will price accordingly. Im not in anyway saying that you cant find a nice deal every so often but REO's are not as reliable to depend on for routine deals, at least not in my area.
That's a good idea getting the listing for a broker friend of yours. I have a broker that I signed up with banks and I get first chose of the properties. Make sure you're talking to the right person. Good Luck
Try www.ocwen.com to find the REO agent(s) in your area. There is one in my area I have my eye on, but they "aren't accepting bids yet." I've networked with the agent in my area who will let me know when it's actually available. Good luck!
Try www.ocwen.com to find the REO agent(s) in your area. There is one in my area I have my eye on, but they "aren't accepting bids yet." I've networked with the agent in my area who will let me know when it's actually available. Good luck!
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The most likely reason they are not accepting bids is oneof the following:
1) there were many title issues when the bank got the property (example federal liens, tax liens, 2nd and maybe 3rd liens, homeiprovement liens, multiple properties owned, judgements,get the point, ect.)
2) someone wasn't notified properly of the sale
3) the house might be considered fair neighbor housing (teachers, police, firemen, city,county state,employees, or military) this plan sometimes holds up the release of property to the lists (house must might certain criteria
4) the bank knows something is wrong with the house, even though these houses are sold as is the bank cannot take people's money and put them in jepardy
5) sometimes a parent company of the bank that foreclosed may be taking responcibility for the sale and that will hold up the listing.
THESE ARE JUST A FEW REASONS I'VE COME ACROSS
Lori
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Thats odd. IF they have had the property for months now, then why are they telling you not to bid yet? Thats definatly strange. I'm not sure
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They said it was not yet available and to wait until I see a "for sale" sign in the yard. I don't want to wait! What would you do?
Beth,
If the bank is the owner of the property, it is entirely up to them IF they want to sell it at this time or not. Waiting is about the only thing you can do.
Who did you speak to when you called the bank? Was it actually someone who is responsible for REOs?
Also, it is much more common now for the banks to list with an agent thru the MLS, rather than take offers directly. It's simply the way the want to do business. I personally have a local, small-town bank that will fax me all the info on all their REO's, however, IF I'm interested I have to go thru their broker to make an offer.
Roger
I talked to someone in the REO dept...could have been the receptionist?!
I am trying to find the realtor they deal w/ in my area and pass the offer to her for when the listing comes her way.
My experience has been very poor in getting REO offers negotiated directly between the bank and myself. Remember banks are not in the real estate business and thus they really dont have the time or resources to take hundreds of offers on their REO properties and negotiate terms, follow up on closings, etc. Its just easier for most banks to have a select broker or brokers handle their REO properties. The brokers are paid commission and have a good understanding of a homes value and will price accordingly. Im not in anyway saying that you cant find a nice deal every so often but REO's are not as reliable to depend on for routine deals, at least not in my area.
I expect you've already thought of this, but is it possible that there's a redemption period before which they cannot sell?
If there is a redemption period, does the lender have to wait in order to entertain offers?
That's a good idea getting the listing for a broker friend of yours. I have a broker that I signed up with banks and I get first chose of the properties. Make sure you're talking to the right person. Good Luck
Try www.ocwen.com to find the REO agent(s) in your area. There is one in my area I have my eye on, but they "aren't accepting bids yet." I've networked with the agent in my area who will let me know when it's actually available. Good luck!
Try www.ocwen.com to find the REO agent(s) in your area. There is one in my area I have my eye on, but they "aren't accepting bids yet." I've networked with the agent in my area who will let me know when it's actually available. Good luck!
[addsig]
The most likely reason they are not accepting bids is oneof the following:
1) there were many title issues when the bank got the property (example federal liens, tax liens, 2nd and maybe 3rd liens, homeiprovement liens, multiple properties owned, judgements,get the point, ect.)
2) someone wasn't notified properly of the sale
3) the house might be considered fair neighbor housing (teachers, police, firemen, city,county state,employees, or military) this plan sometimes holds up the release of property to the lists (house must might certain criteria
4) the bank knows something is wrong with the house, even though these houses are sold as is the bank cannot take people's money and put them in jepardy
5) sometimes a parent company of the bank that foreclosed may be taking responcibility for the sale and that will hold up the listing.
THESE ARE JUST A FEW REASONS I'VE COME ACROSS
Lori
[addsig]