Would like to flip bank owned property. - Posted by Ed Burns

Posted by AWWMi. on June 19, 2001 at 15:27:03:

the person at the bank headquarters whom has the AUTHORITY to actually sell the property… Hope you have success. Few do.

Would like to flip bank owned property. - Posted by Ed Burns

Posted by Ed Burns on June 19, 2001 at 14:31:19:

Ed Burns Here. I am working on my first “deal”, and am wondering if it is feasible. I found a vacant house near where I live. I did a little research and found that it is owned by a bank in Ohio. I have been trying to contact the bank, but, so far I have had no luck. What I am wondering is: Once I do get in touch with the bank, how do I arrange the deal? How do I make a bid to purchase the house? If my bid is accepted, how do I setup a flip with an investor?

Can anybody tell me if this is possible? And how exactly I can do it?

Thanks in advance for all responses.

this is a trick I use - Posted by SteveS(CPA)

Posted by SteveS(CPA) on June 19, 2001 at 23:52:18:


This may work for you it may not. But this is what I do now. I don’t even try to find the REO person (which is who beginners and some more experienced people go to). I go directly to the Bank President(if it is a small bank), and the vice president (if it is a larger bank). If it is a small to medium size bank you should have very little trouble talking to them. Introduce yourself as a person of means who is looking to increase your investment portfolio and you are looking into different areas to invest and deposit yours and your companies money.

Tell the President of the bank you would like to look at all of his real estate owned and any other assets he may have for sale. Also ask him to introduce you to the person in charge of the REO department and any other people you think you may need to talk to.

Many people do not realize that the banking business is very competitive and they love talking to a people who can make large regular deposits. If you look like you can do that you will get some attention.

Another benefit from this is, when I leave a message to the REO manager, my phone call to the REO department is ALWAYS returned.

Re: Would like to flip bank owned property. - Posted by Frank Ruggiero

Posted by Frank Ruggiero on June 19, 2001 at 18:45:01:

which bank in Ohio ?