Buying a Foreclosure on a Bank Property

The ways of picking up a foreclosure on a bank property varies depending on where you live. In some states and provinces, it is possible to go to an auction to buy a house that's been foreclosed. In other areas, the bank may want the property to go into the MLS and be sold like any other house. But there are other ways.

There are rewards waiting for people that decide to do a little more leg-work. Some banks will allow you to get onto a short-list for their foreclosures, and you can then submit a bid in writing. That is one step closer, but not quite the most sure-fire way of finding a foreclosed house at a discount.

A lesser practiced technique is for you to go around to all the banks in your area and ask to speak to the manager in charge of "non-performing assets" or foreclosures. Sit down with them and let them know who your are and what your plan is. Using this technique, it won't take too long before you shoot yourself up the list of interested buyers. That manager will remember you because now you're not just a name on a paper. They now have a face to the name and they will have an easier time identifying with you. This is also called "top of the mind awareness".

By simply staying in touch with bank managers, you will be part of a group of investors that get to hear about foreclosures before many others. Not all banks do this and it isn't done in all states or provinces, but sometimes you get lucky. Though, more often than not, you may still have to submit a bid, but that's still 90% closer than what the rest of the world is willing to do.

It's important to note that you should already have your financing in order and ready to make a purchase before you start shopping for a foreclosure. Banks do not want to wait for someone to go get qualified. Remember that money likes speed.

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