Buy a foreclosed home before its on the market?

Question

There is a house I made an offer on, but the owner lost the house before the close of the deal. Can I contact the bank that now owns it and make an offer to them? Thank you so much for your help.

Answer 1

The bank can not legally sell to you.   They will refer you to their agent.   They will want to collect offers for at least a week (if there are several), a couple of months if there are few unless you are offering close to value with a high percentage of cash.

Answer 2

Banks do not deal with private citizens, they offer their homes for sale through asset management comanies, loss mitigation departments, and ultimately through Realtors.

Contacting the bank will be a fruitless exercise in frustration.

It can take months for a foreclosure property to make in to the market.  

Answer 3

You would need to contact the bank directly or contact a reo agent(an agent that specializes in bank owned properties) and make an offer on the property. You could possibly get the for less depending on what the value and whats owed on the property.

Answer 4

Unfortunately you have to wait until the bank buys the property back at the auction or sheriff's sale. That is only if the bank is the one who buys the property at the auction, a third party can buy the house at the auction. It could be many months before it is back on the market if the bank did get it back.

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