Hi all -
I went to a seminar where the speaker talked about buying reo's directly from the bank after the initial sherriff's sale.
Needless to say, I was very excited and proceeded to do research on some of the properties that the banks bought back at the sale. There were a few great deals that I thought would even be better if you get 30 days to flip to an investor instead of having to cough up the cash within 24 hours.
The problem I ran into was that when I traced which bank the property actually went back to, all three traced back to Wells Fargo. After going through some hoops to try to find out who to send an offer to, I found that Wells Fargo uses an asset company to sell their reo's and it states on their website that they will only sell through agents.
So, I have two questions.
1) Is there a way around this, or should I just write off this possibility for Wells Fargo?
2) Does anyone know if the other big mortgage companies work the same or are there some where you can put in an offer directly to the bank?
I'm still trying to put together my first deal. I do get discouraged but this morning I'm trying to get right back in the game. I believe this is possible and I just need to find the right path.