When For Sale Isn't...

[Stephen R.]

I'll preface this by saying that, yes, I am new but I am trying my best to understand how the foreclosure process works. I've done enough education, trying my best to avoid analysis paralysis and made the decision to take action. So I dove in head first...and hit a rock. So now I'm in a rut because I can't seem to figure out what it is that I don't know. 

I'm looking to buy a foreclosure. Every book I've read says the trick lies in "finding" good deals. So at first I searched the places newbies usually do (Zillow, Realtor.com, etc.) However I soon learned that these sites are not the best and the "good deals" have usually been picked clean already. So I signed up for a few premium service (foreclosure.com, Realtystore.com, RealtyTrac.com) However I seem to spend a lot of time weeding out the untimely and inaccurate listings even in these "premium" sites. I then went directly to the county, state, city judicial website and looked up housing/foreclosure cases in my area. Surely the court documents would at least be accurate and timely. And they are. Great, now we're getting somewhere. 

At first I thought it was fantastic. There were a ton of properties that are listed as bank owned. I can go directly to the source instead of relying on second hand information. The example property I found had a judgement for strict foreclosure so, if I understand it correctly, it is officially a REO. Since I know I can't call the BofA foreclosure department, I reach out to the foreclosure attorney. Most don't call me back. I was finally able to make contact with one attorney who told me "they won't call you back." I'm sorry, what? Isn't the objective to sell the property? How does that happen if they won't deal with a potential buyer? Other posters said I had to wait for the property to hit the MLS or go to auction. Which brings us all the way back to the beginning.

So what am I missing? A password? A secret handshake? Is there a difference between a foreclosure that the bank wants to sell and one they are perfectly happy to sit on for years? I thought the whole objective was to find them before they hit the MLS (since I don't have MLS access) and for the bank to get them off their books as quickly as possible.

I've done my research and analysis, learned the market, secured financing and a team to complete the work, yet when I try to make an offer no one wants to hear it. 

-Frustrated