Osterville, MA

I find it increasingly difficult to digest the facts revolving around bank owned properties. I have done a few deals with bank owned properties in the past and I am quickly finding that the rules are changing. In the past I have been able to negotiate or atleast talk with the listing agent and the bank regarding certain issues. Now I have a buyer who is interested in a B.O.P. but there are some major problems with illegal apartments and other zoning issues. I was surprised by the response I received when I contacted the listing agent. He told me in no uncertain terms that he had been instructed by the bank to not discuss the property with any potential buyers. What they've done is listed it as a single family home and priced it as a multi-use. My client is more than willing to work with the bank so both parties would have a satisfactory conclusion, but they say absolutely not. I understand the bank is trying to get rid of some paper but realistically they are leaving hundreds of thousands on the table without cause. I also understand the agent must follow his instructions from the bank, but to say unequivocally that they will not discuss a property makes me wonder what other disclosure issues if any that he hasn't revealed. I guess I now know why some of these lenders are in serious trouble.