Buying Foreclosed Houses Just AFTER Foreclosure?
Hello,
Has anyone had any experience buying houses shortly after the foreclosure auction and before the lender puts the house on the market with a realtor?
I found a few houses that were foreclosed upon, which the lenders now own. The houses had a lot of equity between the FMV and the amount bid by the lender at auction.
WIll banks sell the house to me, without listing it on the MLS or going through their brokers? Would they be willing to sell it for what the original borrower owed or do they want close to the FMV?
Any thoughts or comments would be appreciated. Thanks.
I contacted about 20 banks and found that the larger
companies do not do business this way, but the small
community type banks will.
I am working with some of them right now.
Thats not true at least with the larger companies I have worked with. I have sucessfully worked up short sales with countrywide, Indymac and ocwen on several occasions.