Bank Owned & Off Market

[Steve Kuzmer]

Hello everyone, I got a question I could use some advice on. How do you make an offer on a abandon residential house that is bank owned and currently not on the market?

Details: I have found several homes in my area (Tacoma WA) that are owned by U.S. Bank with the mailing address to their trustee in Florida. Obviously this is a large national Bank and it would be hard to find someone to talk too, but there has got to be someone that can receive and review an offer. Any ideas on how I can contact the right person to make an offer too?

Thanks

[Lynn Bown]

I been doing Bank owned pre list for 9 years, they have a process they go through after they get possession.

Finish all the foreclosure paper

Lien checks

Valuation

finally Listing, auction, or portfolio package

The bank is in no hurry and offering before the list it is a 50/50 chance as they are sometime very unrealistic about value.

The best way to get in early is, If you go by the property very early they post a paper taped in the window or on the door that gives legal notice of the status.  This doesnt tell you much but it usually has the number of the "servicing company" to contact in the event of emergency.  this company is responsible for maintenance and weekly drive by inspections and reporting to the bank, sometimes like in our case it is the Realtor that it will be eventually listed with.  (realtor can not take early offers)

Contact the service company and ask if you can have the asset manager contact for this property, they have an asset manager that is in charge of this property that takes it through the long process.  This doesnt always get you anywhere but with the right touch you can get the number and if there is any chance of an early wholesale buy this may help, if you cant get to talk to the asset manager, at least you may get to talk to the realtor that will list it early and ask to be notified and discuss opinions on value etc.

Lynn