Dallas-Fort Worth Real Estate Investor Club

bank owned property-how to?

  • 10 Mar 2015 11:40 AM
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    Message # 3246349
    JANE JOHNSON

    I've found a bank owned property that I would really like to make an offer on. Does anyone have experience with this and be willing to take a look at this with me.  Tax roll has it listed with Wells Fargo since 2013, looked up deed information. Give me a call, 683-701-6559, if you can direct me in options/ways to go to pursue this or if it's not worth pursuing. Thanks.
  • 11 Mar 2015 8:42 AM
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    Reply # 3247131 on 3246349
    Deleted user

    What questions did you have? 
  • 12 Mar 2015 12:14 PM
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    Reply # 3250216 on 3246349
    JANE JOHNSON

    Where to start?  Is it possible to work with a big bank on a property that sits vacant?

    How/who to contact at the bank (Wells Fargo) to inquire about the property?

    Is there a property department that handles all the properties that are REO, or do I have to track down specific one?

    What all do I need to find out to make an offer to the bank; loan balance/payoff?, condition of property, other?

    That's just a start.  Thanks for your reply.
  • 12 Mar 2015 7:33 PM
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    Reply # 3250738 on 3246349
    Jesus Galaviz

    I think you pretty much just have to wait for it to be listed.  If you get to know realtors, sometimes you can find out when a property will hit the market and be first in line to make an offer, which is definitely an advantage.

    Big banks like Wells Fargo are difficult to contact about their REOs for various reasons, unless you can buy them in bulk.
  • 13 Mar 2015 1:41 PM
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    Reply # 3251512 on 3246349
    JANE JOHNSON

    thanks, thought that, but just thought someone might have experience in dealing with a big wheel bank.
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