OfflineHi all -
I went to a seminar where the speaker talked about buying reo's directly from the bank after the initial sherriff's sale.
Needless to say, I was very excited and proceeded to do research on some of the properties that the banks bought back at the sale. There were a few great deals that I thought would even be better if you get 30 days to flip to an investor instead of having to cough up the cash within 24 hours.
The problem I ran into was that when I traced which bank the property actually went back to, all three traced back to Wells Fargo. After going through some hoops to try to find out who to send an offer to, I found that Wells Fargo uses an asset company to sell their reo's and it states on their website that they will only sell through agents.
So, I have two questions.
1) Is there a way around this, or should I just write off this possibility for Wells Fargo?
2) Does anyone know if the other big mortgage companies work the same or are there some where you can put in an offer directly to the bank?
I'm still trying to put together my first deal. I do get discouraged but this morning I'm trying to get right back in the game. I believe this is possible and I just need to find the right path.
(i.e. Wells Fargo, BOA, Chase) use asset companies to manage their REO properties because of the steer volume that they have. Try the smaller banks. If you've read Indiana Joe's journal (under Member Journals), he gives some great advise about contacting them and working with VP or whoever is in charge of their REOs to get a hold of their properties to sell.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I just had the same problem. I am interested in a property and can get it close to 50% below FMV however they want me to buy it out right and I would't be able to sell it for 3 months.
What should I do now?
Yes some banks put seasoning restrictions on the transfer of the title. You have to decide for yourself whether it's worth waiting 3 months to resale it to retail buyer.
What should I do now?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hello everybody,
I believe to always focus on the solid DEAL!So certain Bailed-Out banks are really adding in the contract;Seasoning of title?Not too say, Wells was strong before the RE melt-down.I say:Focus on your program of making deals and do not let these " "Banks steer you wrong...Connections RULE.(A hand shake,Is very real)
P.S.Yes keep your dealings to a Hand-Shake(Local Anything)!I tell you right now...WE ALL HAVE TOO EAT,Do not take the bigger Banks off your radar! When i think about dealing with a "big" bank,My buyers list would help me with that?
Randall
Invest in yourself!
I hate to lose this deal. Is there anything I can do to lock up this deal with the bank for 30 days without any money down? I know it will sell fast
A land trust or a LLC. Is a living trust the same thing as a Land trust? Thanks, Pete
About your reo deal you only have to hold it for 3 months if it is conventional financing, find a cash buyer
"Don't tell me I can't, Tell me how I can."