Buying an REO (Foreclosed 10 years ago sitting empty) from a bank

Buying an REO (Foreclosed 10 years ago sitting empty) from a bank

Member since 2018 · 44 posts · 47 votes

I'm sure this question has been asked before, and may be wishful thinking... but 

There is a home I found that foreclosed back in 2009, sitting empty and boarded up.  The owner shows as Bank of America, and the trustees deed has Wamu mortgage Series 2005-AR17.  Has anyone had any luck buying something like this directly from the bank?  As it appears to be in limbo... any advice would be greatly appreciated.

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  • Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
    7y

    @Chris Wolfe

    You can't by directly from a bank. Their internal policy states that everything has to be listed on the MLS.

    Sometimes small local banks will do it. Big banks won't.

    Homes can sit for a long time while they clean up title issues and lawsuits.

  • Investor · Springfield, MO · Member since 2012 · 320 posts · 115 votes
    7y

    BOA=forget about it. They aren’t interested in dealing with individual investors. 

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