How to Buy Foreclosures Directly from the Bank without Realtors

One of the great parts about buying foreclosures directly from the bank is the ability to negotiate the price you want. You don't have the pressures of an auction, you have time to decide what you want to bid and you don't need a realtor or agent to represent you.

Buying foreclosures directly from the bank is possible because of the REO process. The term REO, or Real Estate Owned, refers to properties that have not sold at auction. Instead, they are now in the control of the bank or lender, which will then seek to sell them on their own.

This usually means that the bank will open the property up to bidding over a period of time. Different buyers will place their bids, and after the bank has collected offers, the property will be awarded to the highest bidder.

The great part about this process as a buyer is that you can take all the time you need to decide on your bid. You can visit the property, inquire into its title history and status and ultimately decide how much you want to pay. The bank will decide whether to accept your offer, and you don't have to worry about bidding again or competing with other buyers.

None of this process requires a realtor. Once you find listings for bank foreclosures or REO properties, you can simply consult the bank on your own and place a bid. The best place to start your search for a bank foreclosure is a listings database.

Narrow down the types of properties you want, and then use the contact information to contact the bank and begin the bidding process. No realtor can offer you the 10 to 50 percent off deals that foreclosures offer, so look into them before you buy your next home.