Foreclosure in 32256>Question Details

Nimravak, Home Buyer in 32256

Buying REO direct from bank

Asked by Nimravak, 32256 Wed Jun 10, 2009

I am trying to buy a specific REO property in Jacksonville, FL direct from Fannie Mae that has yet to be listed. I am trying to get the best deal on this property and don't want to wait for it to finally be listed with a real estate agent. Advice that I have received from other REO investors suggest that I work with an investor that buys in bulk to act as a middle man. But really I am stuck as to where to go and what to do. Anyone out there have any experience with this that can help me out?

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Nimravak, Most likely you will hve to wait for the specific property to be listed before you get a chance to purchase it. A process is in place, a relationship, between the banks and various Real Estate Brokers to liquidate them as best they can. From the banks point of view, it makes more sense to list the property and let Brokers and agents handle the work. If they tried to negotiate with every individual buying propspect out there then probably No sales would happen. Therefore, my professional advice is to hire a Realtor who will carefully monitor the address in question and let you know the day it comes on the market, giving you the best chance to get it before someone else does. That will be the "best deal on this property."

Good Luck, Jason Lindsay, REALTOR
2 votes Thank Flag Link Wed Jun 10, 2009
Thank you for your question about an REO that has not been listed on the market. Please be advised that it is not for sale if it is not listed. Banks are holding homes off the market in hopes of recovery. Fannie Mae will list the property with an agent at their discretion.
1 vote Thank Flag Link Tue Sep 14, 2010
If I was in your area I would try to help you and I would love to get a referral from your interest however if you are in a hurry you can always contact the asset management companies direct like reo prep, or equator, or veraquest etc.
Web Reference:
0 votes Thank Flag Link Mon Sep 13, 2010
Fannie will work with an REO agent to liquidate the property. Once listed, you will have the opportunity to submit an offer. If you are the only one making an offer and they feel it is the best offer they will get, you will get the house.

Will you be living there?

I would advise you to skip the time and effort of trying to go direct and instead find a home that you want and make an offer. In today's market you should be getting the most home for the dollar. Either way, good luck!
Web Reference:
0 votes Thank Flag Link Tue Jun 16, 2009
Hi Nimravak,
Sounds like you want insider knowledge or advantage. Most of us would like the inside track to great deals. Fannie mae has guidelines and laws to follow concerning properties.
Seems like either way you have to go to get the desired property, you will be using a middle man.

0 votes Thank Flag Link Wed Jun 10, 2009
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