Foreclosure in Columbia>Question Details

wynettathoma…, Home Buyer in Ann Arbor, MI

Can I make a offer directly to the bank for a bank owned foreclosure?

Asked by wynettathomas33, Ann Arbor, MI Mon Apr 22, 2013

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No; the banks will not tell you whom to talk to.
If they are not ready to LIST the house; heaven and earth could not move them.
When they are ready, they want to LIST the house with a Realtor of their choice:
They also require that the Buyer be represented:
Early on; they had too many deals fall out of Escrow, for one reason or another, and that is very expensive for them. And that is not even considering the potential for lawsuits.
Often, there is a long wait, from the Trustee Sale (Foreclosure) to the LISTING.
That is just the way it is.
0 votes Thank Flag Link Mon Jul 1, 2013
Not usually, especially if the property is listed with a real estate company.
0 votes Thank Flag Link Mon Jul 1, 2013

If the home is listed with a real estate brokerage, you will need to make the offer through the listing agent. It would be in your best interest, however, to have your own buyer agent to represent you, as the listing agent represents the bank. Your agent would present the offer to the listing agent for you. You will need a pre-qualification letter up front, as well as the required earnest money.

With some HUD and other REO properties, you will be required to bid on line through your buyer agent. With these properties, you will need to use an agent whose brokerage is registered with HUD. Bidding can be a lengthy process and many steps need to be followed exactly according to directions for your offer to be considered.

Page Latham
Real Estate Professional
Russell and Jeffcoat Real Estate, Inc.
0 votes Thank Flag Link Mon Apr 22, 2013
Yes, but it would help you to use an experienced agent who can help protect you.
0 votes Thank Flag Link Mon Apr 22, 2013
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