There is a home I’m intersted in that was foreclosed on and has been bought back by Bank of New York (upset bid time frame is complete). I cannot seem to find anyone at the Bank of New York to contact that would be able to help me with possible purchase information. Does anyone have any suggestions or a possible phone number? I do have their attorney’s phone number. Are they willing to give up any information?
Thanks,
Jean :help
contact several REO brokers. Banks tend to give all of their REO properties to 1 or certain brokers. After title is set up, they will list it for them.
What kind of personal information does the REO broker look for to purchase a property that you are interested in. Do they check your credit and finances? Are REOs cash purchases only or can you get a loan to fund it?
REOs are basically like any listing on the MLS, however there are usually restrictions and addendums that aren’t part of a ‘normal’ real estate contract.
Properties are purchased ‘as is’, you can certainly do an inspection, but don’t expect to come back to the bank with a list of things to fix or ask for another price reduction.
The REO broker doesn’t have anything to do with your financing. You must be preapproved with a mortgage lender (or have the cash) for the bank to consider your offer. You certainly can use traditional financing for an REO home.
I wanted to get into RE investing by buying foreclosure properties or REOs. Being that I’m not financially there to purchase the property out right and my credit is not good and is not bad either. If anything, I was thinking about finding foreclosure deals for investors to invest in.
REOs are not assignable. You would have to double close, and only if there was no seasoning on the title transfer.
You might want to consider wholesaling or bird dogging to get started. Is there a local REI club in your area?