Property Q&A in Toledo>Question Details

Cmdunnigan, Home Buyer in Holland, OH

Could I make an offer on this house to the bank that owns this property? I know what bank bought this and when, Its been vacant for 3 months

Asked by Cmdunnigan, Holland, OH Sun Jul 17, 2011

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I'm not sure which property you are refferring to. We own 10 houses in the Toledo area and 12 houses in the Dayton area. I'm trying to sell them in bulk if possible for a reasonable offer. I can email you my list including taxes and fee's that are owed on each property. We also have 3 houses in Pittsburgh and 1 in St. Louis, ILL.......
0 votes Thank Flag Link Wed Jul 20, 2011
--the home is probably in or going through foreclosure---the bank cannot sell it to you until it is run through the Sheriff dept auction---I buy alot of foreclosured homes but i would never buy at the auction because of no Title Insurance and Liens and I buy them for less when they come out for sale to the general publicThe bank has thousands of foreclosures and will not deal with one person trying to buy one home--it does not work for the Banks sysytem. It usually takes 12 months of not paying the monthly payment befoe the home is foreclosed on. One can call the Lucas county Sheriff Dept and ask if its up or coming to the auction--they have a list. Give me a call anytime--Mark- Remax 419-870-2727
0 votes Thank Flag Link Mon Jul 18, 2011
Yes. You can make an offer to purchase any property out there. Simply draft your offer and submit it to whom ever is the owner of the property.

Having said that, I'm not aware of any banks who are selling properties directly to the public.

Most likely you will need to wait until the owner (the bank) lists it with a real estate company.

I recently saw a figure that there are an estimated 600,000 such properties out there currently, foreclosed but not yet marketed. However, I'm also finding that the foreclosing parties aren't always filing their sheriff's deeds promptly when they receive them, so the actual count is likely to be much higher.

These properties are typically winterized, boarded up, and may have lock boxes installed, but no sign in the yard.

There are a number of theories as to why the banks would do this, but one that makes a lot of sense is if they simply dumped 600,000 or more properties on the market, they wouldn't be able to get anything for them!

In all practicality, while you "could" make an offer, you'll probably have to wait till it's listed before they'll look at it.
0 votes Thank Flag Link Mon Jul 18, 2011
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