If you’re looking for a cheap home then I want to save you some time and just tell you up front that trying to go direct into banks is not going to be productive for you.
Having sold hundreds of properties for banks I can tell you that bankers aren’t looking to deal direct with homebuyers.
If a bank has an REO property they’re selling and you are a home buyer with the typical financing, inspection, and other consumer level purchase requirements you should work with the bank’s listing agent.
That doesn’t mean that you can’t buy foreclosures or REO but it means that you will have a much better chance of getting your dream house if you go through the some of the options below.
Here are some cheap home options that could work better for you.
Vacant properties and abandoned houses can be very cheap and they usually don’t have as much competition around them. If you’d like to see a follow-along video of me looking for an abandoned house in my are then watch my video on how to find abandoned houses for sale.
Believe it or not there are deals hiding in plain site right there on Zillow. Our friend Joe has a video about it that you can see here: Zillow Hack video.
The most popular way to buy cheap homes is to target foreclosed properties. They are usually below market price, in need of a bit of fixing and the bank are very eager to sell them on.
Auctions are another way to buy a cheap home if you are willing to do the necessary research upfront, you have some cash, and you can afford the risk of having “unknowns” because you are unlikely to be able to get an inspection. Check Auction.com and Tranzon.com for listings in your area. They are two of the biggest real estate auction companies.
What We Do
We help professionals in the industry do lender direct deals.
Our software, BankProspector, will help you find the contact details for most any asset manager in the US but if you are looking for a single home you will have a hard time getting asset managers to deal with you.