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I saw a property that is being handled by bac loan servicing company and would like to purchase it. How?

by corlis_429_913 from , . Oct 31st 2012 Reply


Donald LaPlume (dlaplume)
#6 ranked lender in New Hampshire - 47 contributions

Hello Corlis_429_913,The first step is to be pre-approved for your loan and to be sure that the payment for this home meets your goals. If you would like a Free pre-approval we can start by phone and get you your answer right away. After that you should have a Realtor who works for you not one that represents Bank of America. Please feel free to call me at 603-543-3700 ext 1. We will get this started for you and help you locate a Realtor in your area that will represent you.All my best,Don LaPlume

Oct 31st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

First, get pre approved so the second the property hits the market, you can put in a proper offer with a pre approval letter.. If the property has already been foreclosed, then eventually it will go on the market.. Contact a local real estate agent and tell them that you're interested in that property... they can keep a close watch on it and be ready once it's on the market.. Don't waste your time calling BofA about the home... they will not sell it to you directly.. They will list it and sell it through an agent.. Also, if you live in the neighborhood, you should drive by it every day to see if a "For Sale" sign appears.. Typically, the sign goes up before the home gets registered on the Multi Listing Services.. So by driving by every day, you can get a jump on getting your offer in first.. But you shouldn't call the agent on the sign.. call your real estate agent and pass on that info to them, and let them make the call.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 31st 2012
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Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 71 contributions

Bac is Bank of America, and the first thing you need to do is get pre-approved by a mortgage professional. I would be happy to help you with that if you would like. Cody Bellah 816-256-0013

Oct 31st 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

A good start would be to contact the listing agent if it is up for sale, which is i'm guessing how you saw it as available, or contac BAC.

Oct 31st 2012
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Wayne Thompson (WayneThompson)
#14 ranked lender in Kentucky - 6 contributions

Since you are working with an agent get them to contact Bank of America and see if they would consider a contract before they list the house with another agent. Normally I wouldn't suggest this but since you are a cash buyer the lender will likely pay more attention to a pre-listing offer. Keep in mind the commission you pay your agent is part of the cost to the bank. Your agent might be willing to write and present your offer for 3% instead of a higher commission. Obviously if it is a difficult time consuming deal the agent will want more than just a selling commission. Good Luck!

Oct 31st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Assuming BAC already owns the property, have your agent contact them directly with an offer. If he is a good agent, he should already have the contacts to get into the decision maker(s) in their REO department. IfF BAC does not yet "own" the property, but is merely the servicer, then you are probably out of luck. They can't sell what they don't own. Here too, your agent should be able to tell you if BAC owns it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Oct 31st 2012
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Eric Burns (ericburns)
#15 ranked lender in Missouri - 7 contributions

You will need to contact the Loan Servicing company and make a offer. If they accept the offer then a contract would be prepared. If you would like to purchase a home you should contact a lender a submit application so you are sure that you will be able to obtain financing. I specialize in Home purchases and you can contact me at 417-987-1409. I would be happy to help you walk through the purchase transaction

Oct 31st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

IS it a bank owned property or just serviced by bank of america? You need to get approved for a loan before you submit a purchase contract , over wise you will be thrown out off their system, unless you have a cash offer.. what state are you in? linda

Oct 31st 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Suggest you work through an Agent you select to help you negotiate the price - that doesn't cost you anything extra and they are working for YOU. They won't submit an offer for you (nor would it be accepted or considered seriously) without you first being prequalified/preapproved by a mortgage lender of your choice.

Oct 31st 2012
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Thanks for your answers. Working with an agent already but the property is not on the market yet. Just wondered if there was any way to buy directly. Cash. Thanks again.

Oct 31st 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Not that I know of unless it has not actually been foreclosed on as yet, then you could try working through the owner or the foreclosure attorney. I used to be the preferred local lender for one of the larger lenders - there was never any way to submit an offer. They have a process to go through to make sure the property is offered on the open market and for the right price. Just be ready to move when the property is listed. A cash offer should be appealing. Good luck

Oct 31st 2012
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Leticia Botkin (leticia.botkin)
#115 ranked lender in Texas - 6 contributions

Get preapproved . Then choose a realtor. From there get ready for a long wait.B of A is big and it takes alot of patience to get anything done with them . Be forearmed. If your in TX you can go to my website and apply online. Leticiabotkin.Supremelending.com

Oct 31st 2012
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