Buying directly from Banks?

[Greg P.]

Hello. IF I have Cash is there a way I can buy 5-10 house packages directly from the banks? Would I do this by calling the banks and asking for the reo department then show proof of funds? I don't have a lot of cash but enough to buy a small package. Any advice would be appreciated. Thank you.

[Scott M.]

Buying directly from banks is not for the small boys - it really is for the big boys. The best way to buy 5-10 properties from a bank is to work with their local broker - well - lets back up - a small private bank or a small local credit union may be a way - but - a large lender - really no chance to honest - well slim to none.

Find an reo broker in the market you want and see what he has - make offers on properties 1 x 1.

Remember when you buy in bulk - say 10 properties 2 will be good 2 will suck beyond suck and 6 will be okay - buying in bulk is good but you will always get crap in the package.

Find a local broker / reo realtor and make nice...