Can you make an offer to the bank on a home that is not yet on the market?

Asked by Sg717, Reno, NV Mon May 28, 2012

There is a home in our neighborhood that we are interested in and have been waiting for it to come on the market. It is a bank owned home and has been empty for over a year now and were just wondering if we have to wait for it to come on the market or will they consider an offer before they put it on the market

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Mike Harding, Agent, Reno, NV
Tue Jun 5, 2012
Probably not but try to contact the bank and get as much information as you can.
0 votes
Lisa Wetzel…, Agent, Gardnerville, NV
Sun Jun 3, 2012
The bank can have a number of reasons that they are not on the market yet. Mainly... title issues. I have not seen where they will discuss a sale until they are ready to do so. The corporate sellers are keenly aware of liability and do everything they can to make sure the property and title are clear before they list to sell.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Highway 395
Gardnerville, NV 89410
0 votes
Holly Tuhey, Agent, Reno, NV
Tue May 29, 2012
If you have the property address, I can check it out for you and see if it actually is bank owned or not. You do need a good Realtor that can handle this for you. Banks will not consider anything until they have their appraisal etc.. Just like some of the other Realtor's have already stated.
Let me know if I can be of further assistance.
Holly Tuhey
Trans-Action Realty 500
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Patricia and…, Agent, Reno, NV
Mon May 28, 2012
Even if you could, why would you want to do that? Unless you are an experienced agent, how could you possibly understand the true intent of the disclosures you are signing, the legal rights you may be waiving, terms you are accepting? The purchase process, especially in today’s market, is complicated. Then, you throw in the fact you are dealing with a foreclosure and you further complicate the situation. Many of these foreclosure homes have been acquired through a process that is now being scrutinized for its’ accuracy. In Nevada, our low inventory is a testament to the issues that have arisen from banks foreclosing on properties perhaps prematurely and without the full diligence of the process.

Find yourself a good, reliable, seasoned, experienced realtor who will guide you through the process and who will make sure you understand every term, every condition and all the many disclosures you encounter with a foreclosure.

Real estate is a complicated business no matter what the perception may be. I truly doubt that you would find a bank that would deal directly with an unrepresented buyer. There is too much at stake, legally, for them to risk that type of transaction.

Patricia Jewett, Realtor
Trans-Action Realty 500
6121 Lakeside Dr. Suite 100
Reno Nevada
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Scott Godzyk, Agent, Manchester, NH
Mon May 28, 2012
Banks do not work with individuals to purchase, they usually will not even accept an offer on a home until it has been appraised. When a bank takes back a home, it is given to an asset management company to make sure it is vacant, cleared, appraised and listed with a local and approved agent. You can then place an offer. Some times homes that are vacant, are not bank owned yet and simply abandinded until teh foreclosure auction takes place. you should keep an eye for when the house is posted with teh contact info for who is handling the sale. Then you should be able to make your offer.
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Wayne Capurro, Agent, Reno, NV
Mon May 28, 2012
Yes. But it's much more difficult than it used to be. The banks are so overwhelmed with foreclosures and short sales, they generally won't take the time to talk to individuals about specific distressed properties.
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Suzanne MacD…, Agent, Succasunna, NJ
Mon May 28, 2012
Yes. The banks won't talk to individual buyers. You'll have to wait for them to list it with a realtor. I know many people who have tried going directly to the bank, but never have I heard of anyone being successful. It's just a monumental waste of time.
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Well what are some reasons why they would let it sit so long off of the market? It just seems funny the way houses are flying off the market so quickly right now that they wouldnt be eager to put it on the market so they can get rid of it...
Flag Mon May 28, 2012
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