Going Direct to a Bank's REO Dept.?

[Guest ValueCarl]

We have a qualified buyer in So Cal looking to go direct to the bank's inventory desk and eliminate all of Warren E. Buffett's middlemen, for a first time buyer's primary home.

 

Don't forget that Mr. Buffett told AROD to go direct to the Yankees and jettison his broker in order to be able to stay and play with his coveted team. Good stewards of capital attempt to arbitrage this principle whenever they can in life. It's just smart business.

 

The board's host, Mr. Parsad, has suggested one of its players may be interested in working with my pre-approved buyer on a direct basis.

 

If anyone works in such decision making capacity, inclusive of the ability and willingness to go direct with a quality buyer, we can take it offline once you respond. tia     

[prunes]

A lot of the major banks actually have websites setup with their REO inventory available in a searchable database. Example: https://servicing.chase.com/reo/property/FeaturedProperties

 

Is this similar to what you are looking for?

[Guest ValueCarl]

This is helpful, but not exactly. There is a Realtor involved in these properties adding to "cost." Is it not possible to go directly to the bank's representative without such middlemen any longer? Twenty years ago it was not a problem to find such relationships.

 

It is my contention that real estate agents as a general rule, cost homeowners excessively in the form of lost equity, as much as 12 percent in and out, and although bolstering GDP in this nation, add little value to the nation's citizens. The distribution system that has been established in the real estate market historically, is heady, and wasteful.           

[rogermunibond]

Good luck going directly to the bank.  Why should they deal with buyers directly?  The agent or broker is a screener for them and prevents people from wasting their time.

 

I would look for a RE lawyer or broker who specializes in foreclosures.  They might be able to expedite and get better access to inventory.

[bttmline]

You have virtually no chance of talking directly with a REO person at bank unless it is a real small bank who doesn't really even have a workout group. I deal with the workout groups of many banks and they barely have time to call me back and they hired me. #1. They hear a statement like yours no less then a 1000 times a month #2 they have zero free time and completely overworked #3- you most likely will not get a better deal as the broker will try push through any valid deal.

 

As suggested, you would be much better off talking/befriending a broker who works on many of these in your area. Also, just because it's REO it's not necessarily a good deal. A short sale or motivated seller could be a much better deal in many situations.