Off market REO question

[Frankie Baca]

Hello all,

I'm new to the game and trying to understand how to find good deals in Las Vegas and Henderson for fix and flips. I currently have my agent sending me MLS listings but as stated in the Las Vegas sub forum and a few others, there generally isn't enough meat on the bones to make most of the deals worth it. I haven't given up on MLS but I had a question that I'm hoping someone can help me out with.

I've tried searching for the answer but am not sure I'm wording it correctly. Here is the scenario. 

I find a house that was foreclosed on. The property is easily worth $190,000 ARV. It Is not on the market and I see it went to auction 5 months ago for $132,000 and did not sell. The property is owned by JP Morgan. Is there a way to buy a property like this? Would it be worth calling JP Morgan and offering say $110,000 as it does need some work.

Has anyone had any luck with this in the past? If someone can point me in the right direction I'd appreciate it. 

I know I haven't updated my profile yet and this is my first post but I've just been busy soaking it all in! BP is amazing!

Thanks,

Frankie

[Billy Runyan]

As you mention you already have representation, I need to post a disclaimer that any information from me is not an attempt to solicit your business.  The property has obviously never gone to the foreclosure sale in the recent past.   I don't believe it's owned by the bank yet.  The prior auction was likely postponed.   This can be verified using the county assessor's website.   I would also suggest the are sizable liens against the property that may not be vacated during the sale.   A lot of them "stick".  There are lots of reasons that this type of transaction can be perilous, especially if you don't have the real facts at hand.  A full title search will help but i must warn you to be very careful out there.  I've bought about 40 properties on 4th street and a quick piece of advice would be to spend some time and get a full education prior to putting any funds toward it.