Found a home that the bank owns

Found a home that the bank owns

I found a home in my new found radar of looking at houses as I drive. Well I found a house that "I" want, ha-, it now has a Real Estate sign out front so I called on it to C just how much it was going for. It is actually bank owned per the broker I talked to over the phone.

I did some research and the home several years ago sold for half a mil., this home sits on 7.5 acres, has a pool, separate garage, 4 beds/2 bath. The latest owners foreclosed on it. The house has sat vacant now for well over two years. Meanwhile, the house has been vandalized; the pool is now one big mound of dirt with grass, (if I hadn’t had done the research on it, I would of never known I was walking on the pool!), the A/C unit stolen, refrig, etc. gone. It really needs some, OK alot of TLC. I walked in it (door was agar) and I could smell that musty smell. Needs updated kitchen cabinets,heck, it even needs a kitch sink! someone even took the carpet and left the liner in the bedrooms!

The house according to the property appraiser’s web site is listed for 166k, the bank has 100k, the broker said that the bank won’t listen to offers less than 250k. What the heck?! The broker also told me that I couldn’t go directly to the bank myself and make an offer; I had to go thru him.

Tell me how to handle this situation?

Thank you guys! You guys are awsome!!!!




You may want to contact the bank if it is local and see if you can speak to their asset manager. Sometimes banks will deal with you and sometimes that will request that you go through the real estate agent. You can submit any offer you want and a real estate agent legally has to present all offers. Thus, try to move forward and offer what you want. Each potential deal will give you more experience and confidence for the next potential deal. Good luck on this one. Believe and Achieve! Smiling - Joe


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Joe Jurek CPA

Thank you, I will do.

Thank you, I will do. Eye-wink




How long ago did the appraiser's evaluate the property,I would go around the Broker by finding a Real Estate agent to submit an offer for you.I also would
find a contractor to do an inspection and give an estimate on the repair cost and have the bank get a BPO done or ask your real estate agent what they would feel the value would be and go from there.

Good Luck & Good Investing


Bank owned

Hi Sevans,
As Joe stated I would still approach the asset manager. I'm thinking subdivision. Even at that price, it's almost 8 acres that could become buildable lots, a developement. I would still negotiate. Never say what a bank wouldn't accept in this market. They change all the time. They have a property sitting vacant and in default for a couple of years. Not in great condition. The ball is in your corner! Go for it. Make the numbers work for all parties. Continued success...............Lubertha



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