Why wont banks tell you they have forclosures?With all the talk of thousands of forclosures, I thought would be a good time to see about buying a forclosure. Went to several banks here in Missouri to ask about bank forclosures and they all tell me they dont have any! Why wouldnt they want to get rid of them? They are in banking, not realestate. Where would... | |
Your local bank sold the notes. They are telling you the truth.
Even if they had them they can't discuss them with you, they are not licensed. The banks that have the foreclosures have real estate brokers just like everyone else. (although they tend to be bottom feeders)
Have your agent look up the ones in your city on the MLS. He has access to all of them.
People selling "lists" are just running scams, there are no secret homes out there.
The reasons those banks don't have foreclosures is that they sold the loans on the secondary market shortly after they originated them. These days, banks only keep 'in house mortgages' of their most trusted and valued clients.
If you went to branches of larger national bank chains, they won't have them either. That's all handled through their corporate mortgage arm.
All you need to do is contact a local real estate agent in searching for foreclosures. Nearly 100% of foreclosures are listed with local real estate firms for disposition.
you have to have the right contacts at the banks. I have many private numbers to the proper departments. The people in the branches do not have any information.
If you know the right people you can get into the homes with no money down. I would tell you who and the phone numbers but that would hurt my income.
