what is a good source of finding the persons to contact for REOs in the Dallas/Collin County Texas area. Seems like they purposefully try to make it hard to acquire their problem properties.
Banks don't like to mess around with people who don't know what they are doing. Are you asking the right questions? Are you asking the questions right? Are you giving them any reason to believe that you don't know what you're doing?
The REO departments exist and are not mysterious, but they won't take you seriously unless they have a reason to believe that you can perform.
I have not had much success with dealing with banks, but... Find the realtors that the banks use and develop a relationship with them. All I needed to do was buy a couple REO's in a short amount of time and now I get calls about ones "coming up". Keep asking- it never hurts.
Ron
Kotis -
I was recently at one of Dwan and Sharon's seminars and remember them promoting a list of all the point of contacts for most of the U.S. Banks, Loss & Mitigation Depts. If you go to their website, you may be able to post a question on how to get your hands on a copy of that Bank list. Their website is ****Must Reach Freshman Investor status before posting URL's*** Good Luck!!
apparently us newbie's can't post urls... probably a way to keep porno off the site... can you email to me directly? **Please See My Profile** tx Kirk
[addsig]
I read that banks don't post that information because it makes the back look bad if people know that it has a lot of foreclosures. Foreclosures have ALWAYS been a black sheep for banks. They don't want real estate, they only want to make money off the loans. They can't sell REOs at below market value because they found out in the past that it lowers the overall market values of homes. After all, the FMV is what other homes in the neihborhood are selling for. They usually list their home with realtors. After all, they are not in the real estate buisiness, so why would they put a lot of time and effort advertizing homes. It does take a lot of time and effort, as we know all too well.
P.S. I noticed you are in the Plano, TX area. I live in McKinney, TX
joesoe30, Would you mind sending me a the URL for the website direct as well. Much interested. <IMG SRC="images/forum/smilies/icon_biggrin.gif"> [ Edited by Dreamin on Date 07/29/2003 ]
Banks don't like to mess around with people who don't know what they are doing. Are you asking the right questions? Are you asking the questions right? Are you giving them any reason to believe that you don't know what you're doing?
The REO departments exist and are not mysterious, but they won't take you seriously unless they have a reason to believe that you can perform.
I have not had much success with dealing with banks, but... Find the realtors that the banks use and develop a relationship with them. All I needed to do was buy a couple REO's in a short amount of time and now I get calls about ones "coming up". Keep asking- it never hurts.
Ron
Kotis -
I was recently at one of Dwan and Sharon's seminars and remember them promoting a list of all the point of contacts for most of the U.S. Banks, Loss & Mitigation Depts. If you go to their website, you may be able to post a question on how to get your hands on a copy of that Bank list. Their website is ****Must Reach Freshman Investor status before posting URL's*** Good Luck!!
jonesoe30
apparently us newbie's can't post urls... probably a way to keep porno off the site... can you email to me directly? **Please See My Profile** tx Kirk
[addsig]
I read that banks don't post that information because it makes the back look bad if people know that it has a lot of foreclosures. Foreclosures have ALWAYS been a black sheep for banks. They don't want real estate, they only want to make money off the loans. They can't sell REOs at below market value because they found out in the past that it lowers the overall market values of homes. After all, the FMV is what other homes in the neihborhood are selling for. They usually list their home with realtors. After all, they are not in the real estate buisiness, so why would they put a lot of time and effort advertizing homes. It does take a lot of time and effort, as we know all too well.
P.S. I noticed you are in the Plano, TX area. I live in McKinney, TX
Clint
joesoe30, Would you mind sending me a the URL for the website direct as well. Much interested. <IMG SRC="images/forum/smilies/icon_biggrin.gif"> [ Edited by Dreamin on Date 07/29/2003 ]