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How do I buy a foreclosure straight from the bank?


Question by rae_lee9: How do I buy a foreclosure straight from the bank?
We are interested in buying a foreclosure but not from a realtor or FSBO. We have looked on the county website but don;t know how to proceed…Please tell us where to start!

Best answer:

Answer by acermill
Simply put, you DON’T buy them that way, unless the bank involved happens to be a smaller local organization. None of the larger national lenders will take the time to talk to you. All of their REO’s are handled through real estate brokerage. The lenders simply do not want to deal directly with buyers. If there is a smaller local bank which has a couple of foreclosures, you can speak with them directly at their offices. Most will gladly work with you.

There is no such thing as a FSBO foreclosure. Once foreclosed, the house belongs to the lender

You CAN, of course, attend the public auction (sheriff’s sale) of the foreclosed properties. Be aware, however, that this is NOT a game for the inexperienced. If you happen to win such an auction, you will need ten percent down on the day of the auction, and the remaining ninety percent within ten days. No time to arrange financing. This is a place for those with bank letters of credit or cash. As well, the major bidder on such properties is the lender itself, and it won’t let the property go for anything much less than the amount owed. It will simply outbid you until the sale prices rises high enough to satisfy the lender.

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