Most of the Bank Owned properties are listed in the MLS. The banks typically hire a broker to handle all of their properties for a particular area. The key is to work directly with the broker or agent who handles their properties for them. Once you build a relationship with them, you might get access to these properties before they hit the MLS.
In years past, a lot of banks would sell their properties "as-is". The banks started getting smarter and now rehab a lot of their properties and sell for rull retail value.
I would use a different avenue to find houses if I were you. Try the preforeclosures or FSBO.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 02/24/2004 ]
Most of the Bank REO's are handled by the large franchise RE companies such as Century 21, Remax, Better Homes and Gardens, etc. Call one of those shops and as to speak specifically to the bank's listing agent in the office.
Many agent's will tell you that they can represent you in the transaction. NO! I said talk to the bank's listing agent.. You can find some of these agents once you start doing REO's because their name will be indicated as the listing agent on the yard sign & on the MLS printout.
I agree with Jeffrey Adam. REOs aint what they use to be. Too many rank amateurs have bid these properties up to the point where they don't make for good investments.
Now if you wanted to be an owner-occupant it may still be OK.-yet marginal. There are always exceptions, but it's too much work to sift though the garbage to find the pearls.
I live in a small town and REO's are one of my favorites. I buy directly from the bank, but my better deals have come from American General, Tico, Beneficial, etc... Maybe the bigger towns and city folk do farm them out to the brokers, but we are still 20 years behind... yeah for me. Try your smaller finance companies that specialize in 2nds or 1st's with a higher interest rate for those w/ less than spectacular credit.
Call the bank and speak to the Loss Mitigation Department. You will have to talk to several people before you find one who will help you, so be persistent. There is often a lag time between when the property is aquired and when the bank lists it with a realtor. So not all REO properties are on the MLS.
Many banks are required to utilize the services of an outside realtor when selling REO's. So, if you use your realtor to submit an offer to the bank before the bank has listed it they will usually use him/her to sell the property. You can then get the comission down to 3% and have a bit more bargaining power. And, if he has half a brain, your realtor will thank you and feed you more leads.
Check the county records for properties that were foreclosed on and taken by the bank but not yet listed. Then make an offer on that specific property. This is a good way to begin building a relationship with the right people in loss mit.
[ Edited by rup on Date 02/24/2004 ]
Most of the Bank Owned properties are listed in the MLS. The banks typically hire a broker to handle all of their properties for a particular area. The key is to work directly with the broker or agent who handles their properties for them. Once you build a relationship with them, you might get access to these properties before they hit the MLS.
In years past, a lot of banks would sell their properties "as-is". The banks started getting smarter and now rehab a lot of their properties and sell for rull retail value.
I would use a different avenue to find houses if I were you. Try the preforeclosures or FSBO.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 02/24/2004 ]
Most of the Bank REO's are handled by the large franchise RE companies such as Century 21, Remax, Better Homes and Gardens, etc. Call one of those shops and as to speak specifically to the bank's listing agent in the office.
Many agent's will tell you that they can represent you in the transaction. NO! I said talk to the bank's listing agent.. You can find some of these agents once you start doing REO's because their name will be indicated as the listing agent on the yard sign & on the MLS printout.
I agree with Jeffrey Adam. REOs aint what they use to be. Too many rank amateurs have bid these properties up to the point where they don't make for good investments.
Now if you wanted to be an owner-occupant it may still be OK.-yet marginal. There are always exceptions, but it's too much work to sift though the garbage to find the pearls.
I live in a small town and REO's are one of my favorites. I buy directly from the bank, but my better deals have come from American General, Tico, Beneficial, etc... Maybe the bigger towns and city folk do farm them out to the brokers, but we are still 20 years behind... yeah for me. Try your smaller finance companies that specialize in 2nds or 1st's with a higher interest rate for those w/ less than spectacular credit.
Good Luck,
Shawn(OH)
Call the bank and speak to the Loss Mitigation Department. You will have to talk to several people before you find one who will help you, so be persistent. There is often a lag time between when the property is aquired and when the bank lists it with a realtor. So not all REO properties are on the MLS.
Many banks are required to utilize the services of an outside realtor when selling REO's. So, if you use your realtor to submit an offer to the bank before the bank has listed it they will usually use him/her to sell the property. You can then get the comission down to 3% and have a bit more bargaining power. And, if he has half a brain, your realtor will thank you and feed you more leads.
Check the county records for properties that were foreclosed on and taken by the bank but not yet listed. Then make an offer on that specific property. This is a good way to begin building a relationship with the right people in loss mit.
[ Edited by rup on Date 02/24/2004 ]