Home Buying in Glenview>Question Details

Tony, Both Buyer and Seller in Chicago, IL

How does one find the homes that the banks are sitting on and how does one go about looking at them and buying one of them?

Asked by Tony, Chicago, IL Thu Sep 1, 2011

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Sally Grenier’s answer
There really is no way to buy them until they go through the foreclosure process and then get listed for sale with a Realtor. Your best bet is to find a Realtor to work for you as a Buyer's Agent who can set up a search in the MLS looking specifically for bank owned properties. The minute one comes on the market you'll get notified to you can jump on it. But again, you need to work with an agent with access to your local MLS. If you just look for them to apear on Trulia or Zillow you'll be too late. Good luck!
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Thu Sep 1, 2011
If you have cash. You can buy homes at the foreclosure sale.
I just represented out of state buyers and saved them $50,000 on a really great house that was listed prior to the sale for $325,000(As a Short Sale...).
Yeah, we have to sit on it for 90-120 days as it goes through redemption, but this kind of deal makes it worth it.
And, you can always refinance it after you have the Sheriff's deed and do it again.

Find yourself a competent REALTOR that understands the foreclosure process and go get 'em!

-Mark-
0 votes Thank Flag Link Thu Jan 31, 2013
There are several reasons why :

Prioerties waiting for confirmation of sheriff sale.

Properties in pre list

Properties in redemption

I have a list of my Fannie Mae properties in these stages. Call me forvmy list.
0 votes Thank Flag Link Fri Sep 2, 2011
There are several reasons why :

Prioerties waiting for confirmation of sheriff sale.

Properties in pre list

Properties in redemption

I have a list of my Fannie Mae properties in these stages. Call me forvmy list.
0 votes Thank Flag Link Fri Sep 2, 2011
I would like to know that also.
Back in the early 2000's I've used to just call the loss mitigation dept's of the larger banks, and I could actually get somewhere. Not anymore.
0 votes Thank Flag Link Thu Sep 1, 2011
Okay, thanks all. I know that banks are sitting on tons of homes that aren't listed- I just thought that maybe they let people/agents come to them to look for yet to be listed properties. If they are going to keep waiting to sell then I'm going to keep waiting to buy... 3 years and counting! I wish that the banks and the government would just get the pain over- put the houses on the market and face the market correction, cut spending and possibly raise taxes and start seriously reducing the deficit. There are plenty of us out there who did the right things and didn't get in over our heads- we are waiting to buy but we're not going to buy while the trap door has yet to be opened.... Good luck to all of you realtors who had the conscience to tell your clients that 1-6 years ago weren't good times to buy houses in most places.
0 votes Thank Flag Link Thu Sep 1, 2011
Sally is correct. There is an entire process that must be followed, and no one with any amount of cash will be able to convince a bank or asset manager to "make an exception" with the liabilities that go with.

There are many homes that banks are sitting on right now, some by choice, others because of the backlog. You try finding contact information posted on the home, or try leaving yours, but you still won't have a chance until the process is complete and legal. Your best chance is being the first in line when it comes available.
0 votes Thank Flag Link Thu Sep 1, 2011
We actually would like to know that too:
The Banks keep us all in the dark.
Ocassionally, we will get a BPO in anticipation of an REO coming on the market.
It is surprising when we don't see that house again for months.

We are all looking for those REO's.

Good luck and may God bless
0 votes Thank Flag Link Thu Sep 1, 2011
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