REO.... approaching lender?
Can you approach the lender of an REO with an offer before the property goes to auction?? 
Can you approach the lender of an REO with an offer before the property goes to auction??
Hi Mandm,
I'm not sure that I understand your question.
A property doesn't become an REO until after the sale. So anything that happens before the sale, the lender only owns the mortgage paper.
You could contact the lender and ask if they would assign you their note and foreclosure position. This is just one of many options that you may pursue . . .
Best of Success!
BAMZ
Do you prefer to work with properties in foreclosure or preforeclosure? Where would you suggest a newbie start? I thought of going directly to the bank because the idea of bidding at auction kinda scares me- lol! But I would like to get properties at discount so I'd like to learn more about this area of RE- thanks!
Michelle
Hi Michelle,
Preforeclosure, foreclosure sale, or REO are all great areas to pursue, however, they all have their own unique twist and it is important that you know them well.
It may be more beneficial to you to begin your quest in the pre-foreclosure or REO areas. You can read more on this forum about both and you will find a host of people waiting to help you with specific questions that you may have.
Best of Success!
BAMZ