Condo Unit Next Door in Pre-Foreclosure

[Ursula B.]

I was checking out Realist to see if it had been updated with my latest purchase, and noticed that the unit next door was in pre-foreclosure. It looks like a couple bought it, deeded it to an LLC and now live out of state - so I'm assuming the current occupant is a tenant. Bank is Wells Fargo. Based on the mortgage, they probably owe about 3 times what I just paid for the unit next door.

I'd like to reach out to the bank to see if they're willing to make a deal without going through the asset management/listing process. Has anyone had any luck with calling up the bank and making an offer once the foreclosure is complete? Any luck with this bank in particular?

Ursula

[Wendell De Guzman]

I agree with @Roy Schauer : banks don't think the way we do.

One thing you can do though is CONTACT THE OWNER and see if you can convince them to do a shortsale. You can tell them that since they are still the owner on record, if a burglar break in and they have a slip-and-fall situation, the owner is responsible NOT the bank. The owner has the liability.

Once they agree to do a shortsale, then the work becomes negotiating with the bank.