Hello. I am on the hunt to find a multi-unit apartment building to purchase. One of the types of properties I am targeting is bank reo’s. When I call the commercial lending department I know I want to ask them if they have any commercial reo’s on their books right now but I was hoping I could get some advice as to some other important questions I could ask them that I will eventually need to know about the properties (holy run on sentence!). Thanks for any input on this.
Sonriffic
What market are you looking in? Rather, what market do you want the apartment building to be located?
I am looking in Minnesota, Wisconsin, and Illinois. Thanks for the reply.
-Sonriffic
not sure how far you’ll get trying to reach the commercial REO department of most banks.
Mot banks have centralized REO departments and i’ve found that very few reps of local banks even know they have a loss mitigation department, or where it is located or their phone number.
Also, most banks will have a sales firm or agent representing the sales of their commercial property. You might ask for that firm or the rep at that firm who is handling their property.
I’ve found more loss mitigation phone numbers online than i have by calling banks.
Good luck.