Michael Whel…, Both Buyer and Seller in 03874

can you deal directly with banks on bank owned property?

Asked by Michael Whelan, 03874 Sat Oct 22, 2011

Help the community by answering this question:


Why would you want to do that? You need the help of a good Realtor and it does not cost you anything!
0 votes Thank Flag Link Tue Nov 26, 2013

Yes but only if you are an entity that is largely recognized and heavily funded where you can contact lenders and buy chunk or blocks of their toxic assets, ex: whatever they have in 5 square miles and you cannot pick and chose which you want ...you have to take all.

As Lynn mentioned, the reason why they go through real estate agents if that they are not staffed to handle the flood of individual investors.

But, if you think you will get a super great deal buying a short-sale or a foreclosure - wrong! - but you can get a good price for those properties.

Good luck.
0 votes Thank Flag Link Thu Nov 7, 2013
Hello Michael,
In my experience, I was not able to purchase real estate directly from the bank, their answer was always we are not in the real estate business and they will tell me to wait until it gets listed with a real estate agent. Please feel free to email me or call me with any other questions.
Best Regards, Valerie with Castelli Luxury Real Estate
0 votes Thank Flag Link Sat Oct 22, 2011
Hi Michael:
Thanks for posting your question. As stated, the banks work through asset managers and foreclosure agents. Both short sales and foreclosures are done through Realtors, and not with a buyer directly to the bank. I work with many foreclosures and short sales and can help you in purchasing any property available. I also sell many short sales and am an expert in this field.
If you wish to find out more information about a foreclosure or if I can assist you in any way, please contact me.
Thanks, and good luck.

Kind Regards,
Lynne Hale, Broker-Associate, CRS, e-Pro, CIPS
Century 21 Hansen Realty Inc
0 votes Thank Flag Link Sat Oct 22, 2011
Hello Michael

a realtor with the special education and designation like SFR is a good representative for your interests when dealing with bank owned properties because they know what to do, whom to contact and avoid pitfalls.

If you are interested let me know. It will be me pleasure to assist you.

Andrea Hoff-Domin, Lic. Real Estate Broker
Florida Dream Homes Realty
0 votes Thank Flag Link Sat Oct 22, 2011
Concur with previous answers: banks have asset managers who work with realtors to list property for sale. They do not deal directly with buyers. Best that you engage a realtor to help you find and write offers on bank-owned properties.

Unless you're a savvy and seasoned investor, you may want to explore bidding on county courthouse steps on properties about to foreclose.

Here's a Foreclosure Auction Guide you may find helpful

Good luck
0 votes Thank Flag Link Sat Oct 22, 2011
Generally bank owned properties are listed with a broker; therefore if looking to buy bank owned, consider working with an agent of your own...
0 votes Thank Flag Link Sat Oct 22, 2011
Mr. Whelan,

You need a realtor to deal with the bank.

Please call me if you would like for me to help you.

Best Regards,

Giovanni Ferrarri, P.A., Realtor
Direct: 305.335.7393
Fax: 561.451.9377
0 votes Thank Flag Link Sat Oct 22, 2011
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