How to find and buy bank owned multifamily properties

Banks end up owning property as a result of foreclosures. In our current market there are an increasing number of bank owned multi-family properties available. Bank owned property is known as Real Estate Owned (REO) and Other Real Estate Owned (OREO). Banks do NOT want to own real estate.

In Massachusetts it’s a common and unfortunate practice (the unfortunate part is another discussion) that many times the foreclosure process does not culminate in the sale of the property to a third party. What’s unfortunate for the bank is an opportunity for you. What happens is the bank’s attorney goes through the foreclosure process, the auctioneer holds the auction, and then the bank “bids it’s debt”. If the bank isn’t out-bid the bank now owns the property.

This is a HUGE opportunity for you.

Once the bank owns the property the clock starts ticking. Most banks aim to have their REO sold in no more than 90 days. Banks are not in the business of owning multi-families and you are free to negotiate deep discounts to save them the depreciation, potential vandalism, and all the other problems a vacant property can suffer.

Frequently we’ll find the difference between the ask price and the ‘let-go’ can be huge.

The challenge to you is finding out which properties on the market are actually bank owned. For obvious reasons banks would prefer that you didn’t know which properties they’re marketing, so they don’t exactly advertise the fact. You could spend your days tracking foreclosure notices and then waiting the 30-60 days that it usually takes for a property to show up on the market, spend all your time scouring the internet hoping to find something, OR you could simply sign up to receive a

FREE LIST OF BANK OWNED multi-family properties.

Here’s how it works - You’ll receive access to our free list of the current bank owned properties on the market in your desired price range and location (if we cover it). There is no cost and absolutely no obligation for this information. After that if you want to continue to receive this insider information it will be sent to you in a straightforward and efficient format giving you a huge advantage over other buyers in the marketplace.

This Offer is for Principals Only - No Brokers

You have nothing to lose and a HUGE advantage to gain over other investors. [If you cannot see a form that says "FREE List of Massachusetts Bank Owned Multifamilies" then refresh your screen by pressing F5]

Not In Massachusetts?

Then get aFree 7-day trial at RealtyTrac.
this is probably your best source for foreclosed homes and bank owned properties. This link will get you a free 7-day trial.