Home Buying in New York>Question Details

Lucky, Home Buyer in New York, NY

How do you look up bank owned properties and can you buy directly from the bank? Thank you.

Asked by Lucky, New York, NY Sun Jan 31, 2010

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One very easy way to find properties is to sign up and pay for the appropriate REO [Real Estate Owned] subscription at propertyshark.com.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
0 votes Thank Flag Link Sun Jan 31, 2010
It depends. What are you looking for exactly?
I have a few direct connects where you may possibly cherry pick properties or buy the entire package.
Feel free to contact me and I will do my best to find your ideal property.
Thank you.
Ms Monica K PIndle
0 votes Thank Flag Link Sun Jan 31, 2010
Lucky. You can buy directly from the bank, but you have to buy in bulk (a whole bunch of properties and probably 100 or more at a time). Buying individual properties from the bank directly is not a viable option with the great majority of banks. It could be possible with a small local bank that does not have a big REO inventory. For the general public, it's difficult to get in contact with the right person at the bank as they usually don't deal with the general public (that's why there is nobody in charge of dealing with the public). You can subscribe to the Lane Guide http://(www.laneguide.com) to get lender contact info, but I doubt that having that information will do you much good because you will still run into the same problem of nobody being in charge of dealing with buyers directly.

I suggest you join an investment group and network with other investors. You'll probably deal with investors that are not buying in your back yard as those who are competing for the same properties will be less likely willing to share useful information.

Good luck to you.

Ute Ferdig
DRE # 01326917
Ferdig Real Estate Solutions
Web Reference: http://www.themlshub.com
0 votes Thank Flag Link Sun Jan 31, 2010
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
In NY, the bank owned homes are listed by local realtors.
Most real estate agents that you work with will be able to show you those homes.
0 votes Thank Flag Link Sun Jan 31, 2010
Connect a real estate agent who can work with your specifications, lender approval amount, and type of loan.

Banks have listing agents for their properties would not engage in real estate transaction needs go via appointed agent who handles paperwork in "their system".

Also secure your owner buyer's agent who represents you submit sales offer thru listing agent.

0 votes Thank Flag Link Sun Jan 31, 2010
Many Bank Owned homes are listed through your local realtor(s) and can be found on various Multiple Listing Systems. Talk to a Realtor in your area and leverage them to help you secure a property. Most
banks are not dealing directly with the general public on their REO properties.
0 votes Thank Flag Link Sun Jan 31, 2010
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