How to Rob Banks Legally


I guess you’ve heard my secret — I’m a bank robber…

And you’ll be able to get the entire secret system.

The good news is, like a modern day financial Fagan, I can help you become a wealthy and LEGAL bank robber even if you have only pocket lint like the average orphen.

Here’s an article by me.

Tired of making your banker money? by Paulie Sabol, Master Bank Robber.

You’ve watched the late-night infomercials on your ’sellivision’ and you want to do the bank “a favor? by removing a problem property off their books. And why are you willing to be a happy little helper? Of course, you stand to profit handsomely.

Well, all of this is true. However, not 1 in 10,000 investors know the CORRECT way to do it.

OREO vs. Foreclosure

An REO (Other Real Estate Owned which is often mistakenly called REOs by uninformed, amature investors) is a property that goes back to the lender after a successful foreclosure auction.

Lenders are allowed to bid at the auctin a maxium bid totalling the sum of the loan balance, accrued interest, attorney’s fees and other costs association with the legal foreclosure process.

Lenders typically start the bidding process. Sometimes bidding less than their maximum bid. Other times the go right for the top bid. In any case, after the opening bid …or in the absense of one, people present at the auction (that you as an investor) are allowed to bid higher.

In order to bid at the auction, you need to know the rules. For example, at some auctions you must have a cashier’s check in your hand for the full amount of your bid. Other places will give you an hour to bring funds. Some places are said to allow up to 30-days!

If you are the successful bidder, you receive the property in “as is” condition, which may include someone still living in the property. There may also be other liens against the property; however, junior liens are removed by the auction process.

Since what is owed to the bank is almost increasingly more than what the property is worth, more and more properties are going to the bank or lender. When these property “revert” to the bank they becomes an OREOs and are often lost into the ‘wasteland’, as I call it, for long periods of time until they’re again listed.

OREO Properties For Sale

The bank now owns the property and they may now act like any owner–that is, they may try to get the most out of the property no longer limited by rules as to what to ask. Actually, that’s not totally true. They are disallowed to accept less than 80% of the fair market value to avoid something called ‘Dumping’.

The bank may handle an eviction and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues.

A bank owned property might not be a great bargain and unless you use a system like “How to Rob Banks Legally” it likely won’t. In every case, do your homework before making an offer. Be sure to factor in the costs of renovation, including time to complete them.

How Banks Sell OREO’s — The first clue to the system.

Each bank/lender works a little differently, but they all have similar goals.

They want to get the best price possible and have no interest in “dumping” real estate cheaply. However, banks are in the business of collecting deposits and making loans. So they do not typically have a department set up to manage their OREO inventory. Rather they do what any smart buisiness does with tasks not in their core-competency–they outsource.

Generally, in fact, you’ll have no chance to even make an offer on a post-foreclosure property until it appears on the MLS listed by a realtor.

Once you make an offer to purchase, banks generally present a “counter-offer.” It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible.

You should plan to counter the counter-offer. You may have to prove your value so they are even allowed to sell it to you.

Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like “..subject to corporate approval with 5 days.”

Most banks will not provide financing on their OREOs but it doesn’t hurt to ask. Especially if the property has extensive damage and you are purchasing it “as is.” Another edge to get financing is to offer to buy a whole lot of proeprties.

There is a second key to the secret syste and it’s been hinted at in this article.

I’ll be revealing BOTH this on my special call which will come soon