questions on offering ona foreclosure

[SD Realtor]

Bane a couple of comments for you.

First off, it is now common practice for many an REO listing to get some form of marketing prior to pricing. The listing agent cannot put it on the MLS because he doesn’t know the price yet. The bank will not let him set the price, apparently they will not establish a price until the BPO is completed and they complete their own analysis. Thus, the agent can go ahead and put a sign out. In fact I have seen more and more of this.

This does present a dilema. You (or your agent) can give the listing agent your contact information and trust that they will call you the minute the get the BPO and price the home. Better yet, but more of a pain in the ass, you or your agent should pretty much call the listing agent every single day and once pricing is established, send your offer in. If this is a desireable home then I hate to say it, there will be more then your offer so be ready for a bit of activity. In all likelihood the listing agent will come back and say, okay we have x offers. The lender is now asking all buyers to come in with the best and highest offer. You can choose to respond in whatever manner you like. I am not saying to do this or to do that, that you should or should not buy, I am only telling you how I have seen things play out for REO properties that are more desired or priced uber aggressively.

Unfortunately, (and not meaning to be harsh) it doesn’t matter what you think the house is worth, nor is it worth your time trying to submit to the lender. The fact is that the lender has already employed Prudential to represent them for this listing. There is no alternative here. Thus either you or your buyers agent get cozy with the listing agent, and politely pester them daily until they get pricing, and then act or don’t act.

Again, your realtor has no say in sending something in straight to the bank. The listing is a Prudential listing. You kind of see what I am saying?

SD Realtor

[Bane]

You are not being harsh at all SD Realtor. I do not know the process of dealing with REO properties, so I appreciate the response and advice.

How are other people able to make offers directly to the bank? There have been several postings on here from others who have done it.

Thanks

[Bane]

You are not being harsh at all SD Realtor. I do not know the process of dealing with REO properties, so I appreciate the response and advice.

How are other people able to make offers directly to the bank? There have been several postings on here from others who have done it.

Thanks

[Bane]

You are not being harsh at all SD Realtor. I do not know the process of dealing with REO properties, so I appreciate the response and advice.

How are other people able to make offers directly to the bank? There have been several postings on here from others who have done it.

Thanks

[Bane]

You are not being harsh at all SD Realtor. I do not know the process of dealing with REO properties, so I appreciate the response and advice.

How are other people able to make offers directly to the bank? There have been several postings on here from others who have done it.

Thanks

[Bane]

You are not being harsh at all SD Realtor. I do not know the process of dealing with REO properties, so I appreciate the response and advice.

How are other people able to make offers directly to the bank? There have been several postings on here from others who have done it.

Thanks

[Bane]

According to the foreclosure report I pulled, there is no second.

[Bane]

According to the foreclosure report I pulled, there is no second.

[Bane]

According to the foreclosure report I pulled, there is no second.

[Bane]

According to the foreclosure report I pulled, there is no second.

[Bane]

According to the foreclosure report I pulled, there is no second.

[SD Realtor]

Bane, what you need to do is to track the home once it becomes an REO. Then you literally need to contact the bank on your own, sift through the beauracracy and find out who the person is that you would need to send the offer in to. You also need to act in an expedient manner because you want to get that offer into the bank prior to the bank listing the property with a broker. Once it is listed with the broker it is in all likelihood a bit late. Generally any realtor can email you the tax roll and the tax roll will have some information on who the home was conveyed to once the trustee sale happened. However that may not be the actual lender, it may be a servicing company, etc… It takes some digging and it may or may not be worth your time to try to track the lender down. You can go down to county records to also find out who the actual originator of the loan was (as most likely the loan documents were recorded) and then possibly try going that route for figuring out who to contact.

I have had a few clients ask me to help them track down the lenders to make offers directly to them. Honestly though I didn’t have much success, not because it couldn’t be done, but because I did not have the time to really cut through the tape to do it. It takes some legwork. Also a good way is while the home is going through foreclosure, to try to cozy up to the owner to then get the lenders or servicing organizations contact information.

Also yeah I have seen postings about people who bought from the bank. OC Scam posted about buying from the bank so perhaps he/she can post how they initially made contact.

SD Realtor

[SD Realtor]

Bane, what you need to do is to track the home once it becomes an REO. Then you literally need to contact the bank on your own, sift through the beauracracy and find out who the person is that you would need to send the offer in to. You also need to act in an expedient manner because you want to get that offer into the bank prior to the bank listing the property with a broker. Once it is listed with the broker it is in all likelihood a bit late. Generally any realtor can email you the tax roll and the tax roll will have some information on who the home was conveyed to once the trustee sale happened. However that may not be the actual lender, it may be a servicing company, etc… It takes some digging and it may or may not be worth your time to try to track the lender down. You can go down to county records to also find out who the actual originator of the loan was (as most likely the loan documents were recorded) and then possibly try going that route for figuring out who to contact.

I have had a few clients ask me to help them track down the lenders to make offers directly to them. Honestly though I didn’t have much success, not because it couldn’t be done, but because I did not have the time to really cut through the tape to do it. It takes some legwork. Also a good way is while the home is going through foreclosure, to try to cozy up to the owner to then get the lenders or servicing organizations contact information.

Also yeah I have seen postings about people who bought from the bank. OC Scam posted about buying from the bank so perhaps he/she can post how they initially made contact.

SD Realtor

[SD Realtor]

Bane, what you need to do is to track the home once it becomes an REO. Then you literally need to contact the bank on your own, sift through the beauracracy and find out who the person is that you would need to send the offer in to. You also need to act in an expedient manner because you want to get that offer into the bank prior to the bank listing the property with a broker. Once it is listed with the broker it is in all likelihood a bit late. Generally any realtor can email you the tax roll and the tax roll will have some information on who the home was conveyed to once the trustee sale happened. However that may not be the actual lender, it may be a servicing company, etc… It takes some digging and it may or may not be worth your time to try to track the lender down. You can go down to county records to also find out who the actual originator of the loan was (as most likely the loan documents were recorded) and then possibly try going that route for figuring out who to contact.

I have had a few clients ask me to help them track down the lenders to make offers directly to them. Honestly though I didn’t have much success, not because it couldn’t be done, but because I did not have the time to really cut through the tape to do it. It takes some legwork. Also a good way is while the home is going through foreclosure, to try to cozy up to the owner to then get the lenders or servicing organizations contact information.

Also yeah I have seen postings about people who bought from the bank. OC Scam posted about buying from the bank so perhaps he/she can post how they initially made contact.

SD Realtor

[SD Realtor]

Bane, what you need to do is to track the home once it becomes an REO. Then you literally need to contact the bank on your own, sift through the beauracracy and find out who the person is that you would need to send the offer in to. You also need to act in an expedient manner because you want to get that offer into the bank prior to the bank listing the property with a broker. Once it is listed with the broker it is in all likelihood a bit late. Generally any realtor can email you the tax roll and the tax roll will have some information on who the home was conveyed to once the trustee sale happened. However that may not be the actual lender, it may be a servicing company, etc… It takes some digging and it may or may not be worth your time to try to track the lender down. You can go down to county records to also find out who the actual originator of the loan was (as most likely the loan documents were recorded) and then possibly try going that route for figuring out who to contact.

I have had a few clients ask me to help them track down the lenders to make offers directly to them. Honestly though I didn’t have much success, not because it couldn’t be done, but because I did not have the time to really cut through the tape to do it. It takes some legwork. Also a good way is while the home is going through foreclosure, to try to cozy up to the owner to then get the lenders or servicing organizations contact information.

Also yeah I have seen postings about people who bought from the bank. OC Scam posted about buying from the bank so perhaps he/she can post how they initially made contact.

SD Realtor

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