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how can I buy a bank owned property?

I have seen a few houses on realty trec in the area i prefer but can not find the right contacts.If I click on how to buy this property link it leads me Carlton Sheets training site or some other web site which want to sell their training course.Local bank mortgage department either do not know who deals with foreclosed properties or do not want to tell their customers.Any helpful clue will be appreciated.

Public Comments

1. contact a local real estate sales men
2. Almost all bank owned properties are sold by real estate agents (REALTORS). This is because, banks have a contract to list almost ALL properties they acquire with the real estate agent. Banks and mortgage companies' jobs are to loan money at the highest interest rate possible. Real estate agents' jobs are to market real estate for the biggest price possible. However, now-a-days, since 'all' bank properties are listed with their real estate agent then you should ('will' is better) hire your own real estate agent, called a buyer's representative on your behalf. A knowledgeable HUD approved agent will know ALL the foreclosure properties available and will find the best candidate deals for you to buy. They will also help protect you from pitfalls that the seller and their agents hope you will fall into. Best of all, your agent will be paid by the seller through what is called a "co-broke" fee via their agent.
3. Do you mean RealtyTrac? That site uses such outdated and often inaccurate data, they just want to sell you a subscription to their services. If you want to buy a bank owned property, those are called REOs and they are sold like traditional house sales. Usually in AS IS condition, so the pricing is typically lower than other properties for sale, but they aren't crazy bargains as the banks do still expect to recover market value for the place. A buyer's agent will be able to provide those types of listings if you ask. If you want to see some bank owned properties that are actually for sale, you can check out the list of banks and their associated REO site here http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp