Hello All…
First time to the board and I’ve yet to pull the trigger on my first REI…but anyway I have a few questions pertaining to REO’s, so I’d like to here your thoughts.
First, let me explain the situation here in MI (that I believe to be true) Owners have 6 mo. after sheriff sale to bring the note current. So it’s a fairly lengthly process. But even after the 6mo period I notice many REO’s still don’t hit the market (some even after 1 yr.) and are clearly vacant. In summary: the bank owns it, but it’s not listed yet. So my questions are:
I assume the bank’s loss mit department is the one who would handle that property, correct?
If so, will they listen to dummies like me to try to work a deal?
Is there a tatic to take with them that works better than others?
Do they typically let you in the property before a deal reached?
I’ve had realtors tell me that the only way to buy a REO is to wait until it’s on the market because the bank sells those notes to large firms for pennies on the dollar and then they own it. That might be the case for some, but it’s hard to believe every situation is like that. I’m just curious to hear your thoughts.
PhiloB.