how do i buy a bank owned property from the bank


#1

who do I contact? the trustee or the lender after the bank has bought it back at auction and now the bank owns it. I want to buy it. How do I go about doing this?


#2

Yes,who can I contact to purchase property after trustees sale and reverts back to lender without contacting real estate agent and or before listed?
Any experience or sucess?
Thanks,
D
?


#3

Most lenders have a policy of only selling to homeowners though a Realtor. This helps protect the lender as Realtors are familiar with local laws and carry errors and omissions insurance.
That said I have seen some Realtors have success contacting lenders on behalf of a buyer successfully. Still fairly rare, but it is possible with some lenders, and does happen.
You also may have good luck at least finding out who the assigned Realtor is prior to the home being listed, so that you may be able to get an offer in before, or upon, listing.
To contact the lender we recommend first trying the trustee. If you are very nice, and they are feeling helpful, they may put you directly in touch with the asset manager handling that property. If you have no luck with the trustee, contact the REO department at the lender. If you have trouble finding a number for the REO department, be sure to try the Lane Guide.