There’s a REO property I’ve had my eye on for a while and I want to place an offer on it.
It is in Ohio, is REO (CIT Group), and they have it listed on a “defaulted asset management website” that lists it being for sale, but when I called the realtor listed in February, they said they just got it and it will take a few weeks. Its now May, and I called them again, same story. Buh??
It has a tax lien that was sold to “American Tax Funding”, who I figured out sold the lien to some guy in NYC.
Can I just fax them an offer? They said I can’t make them offer because it “isnt listed yet” but I’m done waiting for them to wake up.
Should I just call the bank directly and tell them I want to buy one of their properties? Has anyone else had to do this to cut through the red tape?
Also I want to pay off the lien at closing. Can the holder of the tax lien hold me hostage and ask for more money to clear it?
Thanks!
Chances are it’s the title that is holding things up. Or, it could also be a combination of issues…such as a long eviction plus a bad title.
Yes, you can go to the bank, but all you will do is piss off the Realtor, which the bank is going to tell you that you have to go through regardless. Besides, it’s not even the bank you will be talking to unless they have an in house DMS. The bank will direct you to the DMS and the AM who will in turn tell you that you have to go through the listing agent.
I suggest finding out who the DMS is that has the property. If it is Citi Group and in Ohio there is a good chance it is ORDMS. Ask the Realtor if it is. IF so, I know the AM’s personally who handle Ohio and I can tell you that you will need to stick with the listing agent. There are other options available, but to wordy for me to go into right now.
Keep in mind that the listing agent wants to sell the property more than you want to buy it. Especially if they can claim you as the buyer, in which case they get both commissions. So if they are blowing you off the issues are more than likely outside of their control.
GooD LucK! :beer
BTW, if it is ORDMS… give me the addy and I’ll tell you exactly what’s holding things up…
GooD LucK! :beer
It’s a different DMS apparently, but I appreciate the help!
I have no intention of going over the brokers head, I just was wondering if there was some way to speed the process along a little. I don’t mind them doing dual representation as long as I get a good price 
Thanks again!
I didnt realize we were allowed to advertise on here, let alone hijack someone’s thread to do it.