Bank Reo Asset Managers
trustee sale went to the lender now what?
I went to a trustee sale and the property went back to the lender. I know this means the property is forclosed on but I want to get this property. Does anyone know if you can contact the asset manager for the bank to set up a purchase or do you have to wait for the lender to list it with their Reo company?
Hi David,
Yes, you can go to the lender and attemped to do a Short Sale, but you will need the co-operation of the previous owner. Technically they still own the property until the redemption period is up. Each state has laws that govern how long this period must be. The bad news is a short sale (this is not the same as what a realtor calls a short sale) can take up to two months depending on you r state. It is a complex proccess and for a beginner (I assume?) it can be a daunting task. I will include a couple of websites that may help – and if not shoot me an email, I will have my aquisitions guy talk to you.
www.shortsalefaq.com
www.mynewcave.com
Good luck
HOW TO TALK TO ASSET MANAGERS FOR REO REAL ESTATE AGENTS