Is there programs where I can buy foreclosed home directly from a bank?

With 7% of mortgages delinquent, I have to believe that banks have tons of cheap homes to sell. I am a new home buyer with prefect credit, good well paying job. I would like to take advantage of home crisis, but don't want to deal with the real estate industry, as I find real estate agents and mortgage brokers super shady and unethical. Basically, I want to get approved by a bank and then just pick a house from their inventory. We would both save by cutting out the over priced middle men (agents and brokers). Has anyone heard of such a program? Like nist real estate people you are all stupid. I founf the answer myse3lf that proved you are all stupid. We all blame banks for the current downturn, I blame mindless real estate whiores, try this website to avoid the bloodsuckers..... real esate people are stupid and scum, the modern version of usde car salesman

Asked By: betahedger - 4/7/2009
Best Answer - Chosen by Asker
Lenders want nothing to do with selling their REOs, that is why they hire asset managers and Realtors to do that for them. You cannot purchase an REO directly from the lender, unless you are prepared to buy a large number of them owned by the same lender, about 100+ in a bulk purchase. And typically, lenders do not... More
Answered By: godged - 4/7/2009
Additional Answers (3)
No this is almost impossible. Banks glady pay 5% realtor fee so they do not have to mess with all stuff surrounding selling a property... More
Answered By: David Z - 4/7/2009
What state do you live in? But to the best of my knowledge you cannot do that as Banks do not want to deal with regular consumers inquiring about properties. I'm an agent in MD and unless you are looking to by Bulk REO Properties they won't even waste their time... More
Answered By: justwannagetahead - 4/7/2009
Those 'programs' do not exist, save for smaller locally owned banks which may have a few properties in their 'in house portfolios'. The reason ? Those big lenders operate in all fifty states, and do not have the expertise to be aware of the various real estate laws and codes in each of those fifty states. Thus, they... More
Answered By: acermill - 4/7/2009
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