How do you purchase a foreclosure directly from the banks?

Asked by Eric Wu, Russian Hill, San Francisco, CA Mon Feb 6, 2012

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Leigh-Jo Anzures’ answer
Leigh-Jo Anz…, Agent, Albuquerque, NM
Fri Mar 2, 2012
Although it is possible, you would need about $10 million to $20 million to bid in an auction on bulk sales offered by the bank. To buy one or two properties, you will benefit most by having an experienced real estate agent who is familiar with the local laws, guidelines and procedures. Of course I am biased for saying that lol, but in all honesty, it is ultimately your best bet.

Since having a real estate agent represent you is available at no cost (because the bank pays their commission), it's worth allowing them to handle the searching, paperwork and negotiating.

For more information on foreclosures, go to: http://www.syan.com/foreclosures

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference:  http://www.Syan.com
0 votes
Im interested in buying a home in Albuquerque NM. There is a foreclouser house for sale I would like to purchase. The adress is 1623 55th st NW 87105 . I want to try to buy it cash but I was wondering if I have to wait for the auction or can I try to purchase it before? please e-mail me back @perlaibarraibarra@aol.com Thanks
Flag Wed Feb 27, 2013
Tyeshaolga, Home Buyer, Valley Springs, CA
Tue Aug 18, 2015
No bank will sell to you directly. It is unusually long but the reasons could be title issues, house tied up in probate, a junior lien or even IRS lien... http://ForeclosureIQ.com


Additionally it's often impossible to contact a bank regarding a foreclosed home. About all you can do is either keep track of the property or have a real estate agent set up an auto search on MLS for when the property is listed. But even then there's no guarantee that the investor will sell or whether the property will ever see the open market.
1 vote
Blythe Camen…, Agent, Albuquerque, NM
Wed Feb 8, 2012
It's pretty much impossible to talk to someone at a bank directly about purchasing a foreclosure. Usually bank owned properties get listed and posted in the MLS, where Realtors working with buyers can find them. You won't save anything by not using a Realtor. The bank pays the commissions. Give me a call and we can start your search right away. 450-7448. Blythe Camenson, Century 21 Camco, Albuquerque.
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Feb 7, 2012
You get a good realtor on your team who will write the offers for you and submit them for consideration.

It's nearly impossible for an individual investor to speak directly to the asset manager. They don't have time to speak directly with individual buyers in most cases. That's why they have installed internet platforms and hire realtors to handle this part of the transaction.
0 votes
Claire-Anne…, Agent, Indianapolis, IN
Mon Feb 6, 2012
Generally you need to go through a Realtor.
The banks have a process for these sales, it is not complicated but it can take a while to obtain a foreclosure. I suggest you watch the listings in your area and find out what agent(s) deal with them the most, then contact them and tell them what you are looking for. Having contact with someone that focuses on them will be a major asset to getting into a foreclosure you desire. If you are willing to go this route, don't rule out bank owned or HUDs.
Good luck!
0 votes
Darrell Hess, Agent, Asheville, NC
Mon Feb 6, 2012
Be an investor with deep pockets.
0 votes
Arthur Miller, Agent, Albuquerque, NM
Mon Feb 6, 2012
I suggest that you discuss your goals and familiarity with renovation work with an agent that is familiar with the Albuquerque market, can analyze condition of a dwelling, quality of construction, lot size, bathroom count and the many other factors that go into the value of a real estate investment.

Foreclosures are not always the best bargain. The statistics show that they are the cheapest investment but you must keep in mind that the condition of these foreclosed properties are often far worse than any other type of sale.

To answer your question about buying a house directly from a bank; it is not done from my experience. All properties go through a listing agent. I do not recommend that you buy from the listing agent unless you are familiar with the sold comparable sales in the area and can confirm a competitive purchase.
0 votes
Keith and Gi…, Agent, Albuquerque, NM
Mon Feb 6, 2012
Contact me Eric. I represent a number of Banks and Investors and can hook you up with an excellent purchase by dealing directly with the Bank.
0 votes
Kelly Linsley, Mortgage Broker Or Lender, Edgewood, NM
Mon Feb 6, 2012
Most banks work directly with a REO real estate agents. It is important to have an agent represent you because of the negotiating, inspections and requirements. You may also want to know that there are foreclosures that are actually owned by Fannie Mae available at http://www.homepath.com. I would also recommend getting prequalified AND full credit approval as banks generally choose offers that have a full credit approval.
0 votes
David Staffo…, Agent, Albuquerque, NM
Mon Feb 6, 2012
Eric,
You can try contacting the bank directly, but these days, they typically have a process for each asset that they think will maximize their return, and that now involves listing it on the market to the general public, typically on your local MLS via licensed brokers. I list them for BofA for example. However, they do still represent the best discount off market value these days. I am happy to send you some to consider in our area. Also, preforeclosure might be the better way, I can help you track folks down who have received lis pendens notices (>90 days past due) as well, just shoot me a txt, email, web message through Trulia, or call anytime! Happy bargain hunting Eric!
David
0 votes
Roland Vinya…, Agent, Sprakers, NY
Mon Feb 6, 2012
Generally, you can't, especially with the multi-state big banks. When they are ready to sell, they use brokers and do not deal directly with the public. There may be exceptions, but they are mostly with the small, more local banks.
0 votes
I love the agents responses, seems you can't do anything but they can do everything.. Most agents do have those kinds of connections but some do. An agent is not your only way in!
Flag Fri May 26, 2017
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