Question on foreclosed property

I see on property records that Bank of New York Mellon has foreclosed on a property at 24212 Mimosa Dr, Laguna Niguel CA. We are wanting to buy and and our realtor informed us that this house is unavailable until it goes on MLS. We have excellent credit and would like to find out if (and how) we may purchase this property. We have seen that many banks in this area are handing properties over to a broker to fix up and sell but we we would prefer to “fix up” the house to our tastes. Any help you may provide is greatly appreciated. Thank you

Once a property has gone “bank owned” (post trustee sale), it is very difficult to purchase directly from the lending institution’s asset management group. There is generally a quick “hand off” to the REO broker handing that particular region for the lender/beneficiary (bank). The REO group has their own process (contacting owner/occupant re relocation assistance agreement, liability issue fixes + another BPO, etc.) and they have their own turf (modest commission) to protect.?

But never say never … if you really like the property and were willing to pay close or slightly above the $ amount it “went back for” (bank’s winning bid at the trustee sale), you might call the trustee and see if they can put you in touch with the lender/bene contact and begin your “negotiation.” If you are dealing with a very small institution, or private party lender, your “long shot” chances are somewhat improved, as smaller institutions are less bureaucratic/process-oriented, and you may have a more direct line to a decision-maker. Also, you may not get serious attention unless you’re ready/willing/able you pay all cash.

Be prepared for the “talk to the hand” treatment. Plan B is to get the contact info for the lender’s REO agent and have them put you in a tickler file to call as soon as the property as been released for resale.