OK, I found a property that has gone into foreclosure, but still hasn’t made it to the market for public sale. I know the bank that owns it now and found the attorney assigned to the property. If I’m interested in trying to get the property before they list it for sale, should I contact the bank or the attorney or neither?
I've never done this, but I have been told how by someone who has. Call the bank manager. Ask for access to the property so that you can inspect it. Let them know what kind of discount you want ("I want 15%", for example). Since it is a specific property (123 Main Street), you don't look like someone who is wasting their time with "I'd like to make money in foreclosures." It would be better if you could have financing already lined up so you could say something like "I could make an offer in 48 hours" or "I am pre-approved." If you're all over this, and the bank is not prepared, they may act quickly without consideration of the actual value of the property. They just want it off of their books with the requisite amount of money in their pocket.
Good Luck
Great information Funder. I might just have to try that!
ultimately, is it the bank manager that’ll end up making the decision?
Here the bank always has the last say on how much a property will sell for. Having all your ducks in a row is the only way to go when it comes to preapproval letters and offers. If you know the Realtor who lists a lot of foreclosures in the area contact them and you may be able to get your foot in the door.