Buying from the "Struck-Off" List

[Janet Lambert]

George;

I e-mailed Ocwen trying to submit an offer on one of their properties that did not sell at the auction.

Their reply was to contact the Listing Agent, they apparently weren't interested.

Questions:
1. Do they already have a listing agmt. in place for every property?
3. How can I persuade them to submit the offer directly to the Investor so they don't have to pay commissions, thereby possibly open to negotiating.
3. Or was I just too late in submitting the offer?

I just don't have much luck with any of these servicing companies:confused:
Any direction on the timing of this will be greatly appreciated!

Thank you,
Janet

[George Roddy, Jr.]

Janet,

Answers:

1. Do they already have a listing agmt. in place for every property?
A). Yes. Typically, Ocwen already has hired a local brokerage firm to handle the marketing and liquidation of each REO property. The REO department has received an estimate on value and condition even before the foreclosure auctions takes place.

2. How can I persuade them to submit the offer directly to the Investor so they don't have to pay commissions, thereby possibly open to negotiating.
A). Larger banks typically don't want to deal with investors. I would recommend you focus your attention on the small local banks for REO properties.

3. Or was I just too late in submitting the offer?
A). Sometimes its a timing issue, but more times than not, the REO department has a playbook they follow. They don't make decisions, they only follow the guidelines that were set in place. Again, it has been my experience that unless you are trying to purchase in "bulk", they are not interested in dealing with you.


Hope this helps.

George