How do we contact the B of A REO people BEFORE a property goes to auction if we want to offer full price?

Asked by Paula Fouss, Cordes Lakes, AZ Mon Feb 4, 2013

Prequalified and wanting to BUY NOW!

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Kathy Reynol…, Agent, Prescott, AZ
Fri Jun 21, 2013
Hello Paula,

I missed your original email but would like to ask if you have found a home to purchase? If not, and are not already working with an Agent I would be happy to help you make that purchase. I live and work in the Mayer area and am very familiar with the homes here.

Thank you,
Kathy Reynolds
MarketPlace REALTY
928-925-3162 Cell
928-713-4825 Home Office
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Paula Fouss, Home Buyer, Cordes Lakes, AZ
Wed Feb 6, 2013
Thank you to everyone for giving me some answers to my questions. To Jeff Masich, you asked how I knew what price to offer is a price has not been set. Trulia posted this home in my area with a list price. It was only when I looked for an MLS number (and didn't find one) that I started making calls to Bank Of America (because they are the REO bank listed on the Trulia site) that I found out the house was sent to an auction house to be sold. Is it possible that this may become an active listing after 5 days like Jim Mitchell suggested? I hope so.....
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Jeffrey Masi…, Agent, Scottsdale, AZ
Mon Feb 4, 2013
Dear Paula:

Bank of America and most banks prefer to sell through the auction to get the best price and stay in compliance with the default with the owner of the home. When you say "full price" what are you referring to? A price has not been set. If the bank does not get their silent reserve they will take the home back after the auction and usually list with their Realtor. Also, the home is still owned by the owner and not the bank before the auction. The owner has the opportunity to get current on their home before the auction. The home is not the bank's to sell before the auction in a typical situation.
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Jim Mitchell, Agent, Tempe, AZ
Mon Feb 4, 2013
Good question Paula, but unless you're buying multiple properties from the same bank, it's not protocol for them to sell a home until it's been listed for 5+ days on the MLS (multiple listing service).
This way they (the bank) feel like they receive 'full market exposure' for their foreclosed home and IF that area is an 'accelerating market' as it is here in Phoenix at the moment, there will likely be a bidding war between multiple buyers which will drive the price up way over the list price.

The bank does some research prior to listing the home (at least one appraisal and their agent's evaluations, called a BPO) to determine the current market conditions and at what price to list it. They have a 'target' price in mind and would love to exceed that amount if possible.

I hope that helps!

Jim Mitchell
Realty ONE Group
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Sarah Barrows, Agent, East Syracuse, NY
Mon Feb 4, 2013
Unfortunately, you can’t. Especially if yours is a "Redemption State" because they have to give the owner opportunity to pay up all the way up to the auction time! Once a property has been foreclosed the bank will not have any contact with anyone but the attorney and Real Estate agent assigned to list it after the auction. The auctions will be "posted" publically though, so watch the newspaper for the auction date and try to buy it there! Also I would get an agent who has REO experience to work for you and try to get it as soon as it’s listed. There is a way we can set up alerts, so that the minute it is listed on the market we are notified, then you agent can get your offer in front of the bank immediately!! I handle a lot of foreclosures here in NY and would be more than willing to connect you with a realtor in your area who does the same!
Sarah Barrows
Licensed Agent Realtor, SFR, 203k Specialist
Keller Williams Realty Syracuse
6872 East Genesee St
Fayetteville, NY 13066
Office: 315-701-6947
Fax: 315-701-6901
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