If a Lender is the winning bid at a Trustee Sale,how do you approach them with an offer for that house?

Asked by Cindy, Maricopa, AZ Tue Dec 9, 2008

Following a trustee sale, how would you make an offer to the lender given that they have won the property? And how would you get into the house to assess damages, etc.?

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Jonathan Dal…, Agent, Glendale, AZ
Wed Jun 3, 2009
One important correction: The lender didn't have the winning bid; no one bid and the house reverted back to the lender. Lenders are not bidding for properties at the trustee's sale.

Once it goes back to the lender, you would need to wait until they place it on the market; the property needs to be prepped (a "trash out", where all the owner's personal belongings are removed) and two Broker Price Opinions are conducted to help the lender (and/or the lender's asset manager) price the home appropriately for the market.

Once it's on the market, then you can make your offer.
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Suzanne Gall…, , Goodyear, AZ
Tue Jun 2, 2009
When purchasing a property that has sold at a trustees sale it is usually necessary to wait until the 'Listing" has come on the market, but as an REO agent, I often work with other agents and investors to send out out a list of 'premarket' properties. This allows the agent/buyer and investors to view the property prior to it becoming active. If I can be of any assistance please feel free to contact me.

Just as a reminder not all REO (forclosure) properties are damaged, there are some great ones out there too! Don't forget there is also some great Land REO's if you are looking... or working with any investors.
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Carlos Ramir…, Agent, Mesa, AZ
Tue Dec 9, 2008

The banks are very structured and they have to follow their procedures. You will have to wait until they "process" the property and get it listed as an REO (foreclosure listing). If you wish I can work with you and I will be able to let you know the same day the property gets listed - that way you will have a first shot at it. I will also be able to provide you with access to the property and all necessary information. Also remember that after getting your offer accepted you will have a period to perform all the necessary inspections and cancel the contract with your money back if you find something you disssprove of.

I have several listings and have sold many REO's in Maricopa. Please let me know if I can be of help.

Good luck!
Web Reference:  http://www.SmartAZRealty.com
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Paul Welden, Agent, Scottsdale, AZ
Tue Dec 9, 2008
Hi Cindy,

I've helped many buyers purchase homes directly from the bank. So, here's what you do. Wait for the house to come on the market for sale as an REO listing, but you want to be the first to know about it. So, work with me & you will be notified the same day the house gets listed for sale. Be aware, though, that not every house that banks own will be listed for sale. Sometimes, they package many homes together in a multimillion deal & sell them to cash investors at deep discounts. Let's hope this does not happen to this house you are interested in. I also have access to some databases that will alert me ahead of time before the property actually gets listed...so we can get a head start on other buyers.

There is no legal way to get access to the interior of the property right now. Doing so will be considered trespassing. However, you may want to peek inside the windows, just beware that it's private property & trespassing. You'll want to wait until the property gets listed for sale. Whatever you do, don't get assistance from the listing agent, because he/she works for the seller & not hired to protect nor help you.

Contact me & let me show you the benefits of allowing a Buyer's Agent REALTOR to assist you and to keep you informed about this house and any others that you may like.

Buyer's Agent REALTOR
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Bill Eckler, Agent, Venice, FL
Tue Dec 9, 2008

Identify a real estate professional that is very active in this neighborhood and make them aware of your interest in the property. They may be able to do a "saved search" on the MLS that will automatically email you the information as soon as it becomes available.

Banks typically do not work directly with people and real estate and refer their foreclosures to real estate companied for disposal.

Hope this is helpful

The Eckler Team
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Vicky Chrisn…, Agent, Purcellvile, VA
Tue Dec 9, 2008
Cindy - following a trustee sale, you wait for the home to become available again through a "regular" listing agent. Read the posts below for more information.
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