How to wholesale bank-owned?

[David Bennett]

Hello, 

I live very close to a property that has been vacant for a couple of years and, in my opinion, would be a make for a good wholesale deal. I've researched the property on my town's registry of deeds and found the current holder of the mortgage (Nationwide, if I recall). I called the mortgage company with the hope that someone could tell me how to purchase the property. The response was "you're not listed on the mortgage, have a nice day". Ok, about what I expected. So, then how does someone go about making a deal with a bank- (or mortgage company-) owned property? I wouldn't be surprised if this question didn't have a simple or brief answer so I appreciate any and all feedback!

thank you 

-Dave

[Matt Devincenzo]

David, clarification on some things;

Why do you think it is bank owned? You say vacant and the mortgage holder is XXX, but how did you arrive at the fact that the bank had ended up in possession of the property?

The rep said "you're not listed on the mortgage", which goes back to the first question. It sounds more like a distressed situation where the bank doesn't own the home yet. Could be the rep just gave the standard "go away" line, I don't know that's why I'm asking.

Assuming you are correct, then as far as getting in contact with the asset manager for this specific house...don't hold your breath. There are a very very few people here on BP (like 2-3) that have had contact with actual asset managers, and all of them have said getting that contact took years and is a closely guarded phone number. It's not because they're trying to keep anyone else out it's because the way the bank REO sales work they want them to go through the MLS. The ones that are sold on direct contact with the asset managers are done with higher volume buyers like @Christian Marin mentioned.