Buying an unlisted Bank of America pre-foreclosure

[Tim Walls]

There is a multi - million dollar property in my town that I have had my eye on for months. The owner just went to jail (long story) for 7 years, and I know that the bank is going to foreclose. But I don't want to wait for it to hit MLS for obvious reasons.

Has anyone ever been able to successfully contact the bank (Countrywide, now BofA in this case) or the asset manager directly and make an offer? After reading several posts on BP, it sounds like it is pretty much impossible, right? How would I even find out which asset manager to contact?

It's such a bummer that the banks are not more transparent, as it would undoubtedly save them time and $$ in the long run. Maybe it's a regulation thing that they can't?

Any tips would be greatly appreciated!