I’m new to this forum but I made sure to read all the relavent posts [and other articles] about foreclosure before posting so I don’t seem like a lazy guy who’s leeching for answers.
Basically, I found a REO. I know who the lender is. I know what price to offer. And I have the pre-approved letter to get the deal done quick.
I know I’m supposed to call the bank and ask to talk to the top person that can make the ultimate decision of selling the REO to tell him I have the cash to get the deal done. The problem is, I’ve never done it before so I do not know how to begin.
Nevertheless, there’s only one way to learn and that’s to do it. I called in today and asked to talk to the mortgage department. They asked “if there is anything they can ask me with.” I told them that I know a property that is in foreclosure and the lender is them. How do I come about buying the house? They said they only do loans. I asked them how do I come about buying the loan. They said they’re not selling loans and they will work hard with the person in foreclosure to try to solve the situation. Basically, I’m not getting anywhere with the lender.
So my question for the experienced foreclosure buyer, what do you say when you first call in? “I know a person in foreclosure and it happens that the lender is you and I want to buy that house. What can I do to make that happen?” That seems good in my head but I do not know if it is correct.