Buying 5+ unit REO's direct from bank

[Paul Jesman]

Hello All,

I am new to the forum. As you can probably get from my topic, I am trying to get some insight into how to contact asset managers in order to broker deals direct. I have read some of the posts here, and they make it seem as though it is not possible, because the banks tend to list most of their properties with local brokers. However I had a short sale listing last year on an 8 unit building in Los Angeles, which ended up being repossessed. The property was re-sold two months after the court house auction without being marketed through any major channels. It was re-sold for 15% lower than the offers I had submitted to the bank during our short sale negotiations. Just from trolling around ForeclosureRadar.com I see that there are many deals just like this. My first question is why would the bank sell direct for under market price? My second question is how to get into contact with these asset managers when I have cash buyers.
Thanks in advance.

Paul