Can i go directly to the bank( if i know what lender company the house is under) and sumit offer to bank?

Asked by Sirena Fisher, Anaheim, CA Sat Apr 18, 2009

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Mission Viejo…, , Mission Viejo, CA
Sat Apr 18, 2009
Sirena, As answered before there are procedures that the banks have to follow. They aren't in the possition to sell direct to buyers. The best way would be for you to find out who will get the listing and go from there.
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Nicole Borsey, Agent, Stamford, CT
Sat Apr 18, 2009
thanks bob, i took your advice! :)
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Thom Colby, Agent, Irvine, CA
Sat Apr 18, 2009
Sirena -

To add to what has already been said, if it has been foreclosed upon and not yet listed with an agent, it is likely already been assigned to an Asset Manager by the lender and will have been assigned to an agent to be listed at some point in the near future. The Asset Manager may be waiting to have the inhabitants evicted, or to get the property listed for sale by the agent.

If the property is not yet foreclosed upon but is in "Notice of Default" or "Notice of Trustee Sale", then lender must follow the procedures for foreclosure which includes the ability for the homeowner to cure the default during a specific time period.

I've never heard of anyone successfully purchasing a property directly from a lender, servicer or Trustee as they need to make sure they obtain the BEST price and the best way to do that is either through Foreclosure Auction or Listing with an agent in the MLS. The lenders still have the responsibility to mitigate their borrower's deficiency rather than just "selling it".

Hope this helps,

Thom Colby
Broker & REALTOR
Orange County, CA
Web Reference:  http://www.thomcolby.com
0 votes
Bob Phillips, Agent, Rancho Santa Margarita, CA
Sat Apr 18, 2009
Hi Nicole, good answer! Good to see you on Trulia, as well.
Web Reference:  http://BobPhillips.net
0 votes
Nicole Borsey, Agent, Stamford, CT
Sat Apr 18, 2009
Ok, I need to know a little more info first. IF the home is owned by the bank, AND it is LISTED with an agent, then NO, the bank will not talk to you. You can find a good agent to represent you as a buyer who gets full compensation from the owner (bank). Since it is already listed they are already under a contract with an agent, and therefore has a commission agreement, there is no benefit to go direct...especially when it's listed. If it is NOT listed, email me and I can give you tips on how to communicate with them...FREE. (I'm not in your area, but the process is the same)
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