Foreclosure in Birmingham>Question Details

Amy Jalili, Home Buyer in Birmingham, MI

Wondering how to go about putting in an offer on an unlisted foreclosure property?

Asked by Amy Jalili, Birmingham, MI Thu Jul 24, 2008

I've had my eye on a property here in Michigan that was on the market for 2 years... it's been handed over to the bank recently, via sheriff's auction, and the lender is now letting the property sit vacant as they wait for recission which is 6 months here in Michigan.

I'm wondering what I need to do to make an offer (a lowball offer) to the lender, which is WAMU in this case... Do I contact the lender, the listing agent that had it, the seller, etc...

I'm really hoping there's someone that's gone through this process, as I'm interested in finding out whether people are finding the lenders to be more open to lower offers when faced with the property sitting vacant for months... one would assume they'd jump at an offer to avoid the property sitting vacant,but from what I've seen, what's logical isn't always what's done...

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The last agent who answered is right you will be entering into the league of "big boys and girls" and you will be dealing on their terms. If your financing is not already in order, and you are not a cash buyer, I would go ahead and get pre approved for your home loan with WAMU (since they will probably require you to use one of their lenders anyhow). I would also recommend getting a real estate agent to put your offer in for you. You need to find someone who is comfortable working foreclosures and short sales and who knows how to handle a bank---they can be tough to deal with and very time consuming. Good luck!
0 votes Thank Flag Link Sat Jul 25, 2009
You'll need to contact the asset manager in the loss mitigation dept who's responsible for that property. Yet, keep in mind that you're getting ready to play in the leagues of the big boys and girls; this is the domain where the cash investors thrive. If you're going to attempt to do this, then you had better already have your funds or financing in place.

However, don't lament if you don't. In that case, you could approach one of the investors in your area, and work with him/her to purchase this property either as an assignment or flip (possibly with short-term seller financing so that you can get into this property much quicker). Also keep in mind that some investors are definitely going to have more leverage in negotiating deals with WaMu than you will, because they've already purchased several REOs from WaMu.
0 votes Thank Flag Link Sat Jul 25, 2009
However, if they do have it listed with an Agent, then get an agent of your own. Remember this, the Lising Agent is looking out for, or should be looking out for, the Banks best interest, not yours.
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0 votes Thank Flag Link Sat Jul 25, 2009
Contact the lender. However, prepare yourself for a mentally frusterating experience. The folks employed by most lenders, to deal with loss situations, are less than helpful. If you can hang in there your persistence shall be rewarded.
0 votes Thank Flag Link Thu Jul 24, 2008
My advice is to contact the lender directly (wamu). If they do not currently have it listed with an agent, remind them that they would be saving money on realtor fees as well!
0 votes Thank Flag Link Thu Jul 24, 2008
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