Has anyone had any luck acquiring properties that are now bank owned but have’nt been giving to an REO Realtor yet?
Thanks
Chances are that nobody has. Once the property is purchased by the bank at auction it is sent to their default management company where it is assigned to the Asset Manager. The AM will assign the property to a listing agent first thing. This LA is the representation of the bank for that property and can not be surpassed.
Until the property is assigned to the LA the AM will NOT agree to ANY offer that is submitted. If the property is not yet assigned to a LA the Am will likely take your contact info and provide it to the LA once they do have one assigned.
GooD LucK! :beer
In the state of Florida banks have 90 days to dispose of properties bought at auction before the property is truly an OREO (other real estate owned) while some of the smaller banks are trying to get rid of these before the they hit the OREO balance sheet. The larger companies are probably bogged down with work and wait a little longer.