Ben, Home Buyer in Dallas, GA

Is it possible to purchase a foreclosed property that is not listed with an agent?

Asked by Ben, Dallas, GA Mon Jan 28, 2013

My family and I are interested in a foreclosed property in Dallas, Georgia. The property does not have a listing agent, but we know what bank owns the property. So is it possible to purchase this property?

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Kawain Payne, Agent, Seal Beach, CA
Fri Mar 29, 2013
The bank will assign the property to one of the agents in their agent network. The agent will market and list the home for sale.

You will NOT be able to buy the home straight from the bank.

If you have your heart set on this home: get loan pre approval and be ready to go, once it is on the market be prepared to submit your best offer.

Best of luck to you.

Kawain Payne, Realtor
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Tue Jan 29, 2013
The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203K Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. You would have to have Buyer’s Agent represent you in the transaction. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

There is a set process that every REO seller has and uses for each and every property that have. Generally, an REO property will not be listed for sale when there are pending title issues. Also, the seller may be planning to make repairs to bring the property up to minimum property standards so that a buyer can obtain a mortgage. Sometimes, the seller will hold the property off of the market when there is a surplus of inventory. Doing so prevents further depression of the housing prices. There could also be an eviction that needs to take place. Very often, the property could already be assigned to a Listing Agent, but just not quite ready to enter into MLS and place the For Sale sign on.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Michael Hamm…, Agent, Suwanee, GA
Tue Jan 29, 2013
Would agree with Ron and Joseph, Ben, in that anything is possible. One of the primary problems you face is the system in place to turn this large inventory doesn't allow for Buyers to Offer, Negotiate and Purchase directly from the Lender. Having said this, all they can do is respond ...No. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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Joseph Roraff, Agent, Onalaska, WI
Mon Jan 28, 2013
It all depends on the bank. I recommend calling the bank and going from there. If you are really wanting the property you could stop by the bank, let them know you are serious about the property and want to know what price they want. I've heard of people doing this and getting a great deal on property.
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Fred Yancy, Agent, Woodstock, GA
Mon Jan 28, 2013
The bank is not going to talk to you about the property. Eventually, the property will either be listed with HUD, Homepath, or with an REO agent. At that time, You will be able to submit an offer on the property. I would also advise that you hire a buyers agent to assist you with the process. The bank will pay their commission so their services are free to you and they represent you and not the bank.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Jan 28, 2013
You can try to contact that bank;
but I doubt that they will communicate with you:
If they talk to you at all, they should tell you to wait until it is Listed with a local Realtor.

The Banks want Buyers to use a Realtor; they are paying the commission for you, and they are serious about Escrows not falling thru, for any reason.
So, you see, you are not saving anything, there is no way that you are going to beat the gun, and you will need the advice and council of your Realtor.

Good luck and may God bless
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