Where Do I Find REOs?
Do I just start calling banks in my area? Who do I ask to speak with? Everytime I ask for the REO dept I get a nasty receptionist who either hangs up on me or says there is no REO dept. And if I do get through to someone, what exactly should I say? "Uh...do you have any homes?" sounds kinda dumb to me. Are there any websites for banks aside from OCWEN that list their properties? Any advice would be much appreciated!
Most banks work through realtors in the area. I'd suggest calling the various brokers in town to find out who handles the REO's in their office. They can give you a heads up on properties that will be coming to market. I have had no luck going directly to the banks.
Ron
Try this:
http://www.nationalforeclosures.com/
EWilliams,
Some of the bigger banks will talk to you, they will even let you locate and make offers on the properties thru them. Not all are like this, but I have found some that are willing to work with investors. You will need to contact the bank and ask for the REO Dept. The REO market is different in every area, so you may find it will work for you in your area. Do your home work and research and make some money! Good luck
Ask to speak to someone in the loss mitigation department. Most banks will use realtors when the are ready to sell there holdings anyway, but they might deal with you directly. Also, if your county records are online then just do a 'search by owner' type any banks name and sort thru the list to find their residential properties. I hope this helps!
SophieBear,
Thanks so much for the tip on country record searching! I found a site called ****Must Reach Freshman Investor status before posting URL's*** that displays all properties for sale by owner- I typed in Bank of America and it came up with a ton of listings! I know that bank lists their props on their website, but there are plenty of mort lenders and banks to be searched. Now....all I have to do is call them and try and get a descent response! Thanks again for your help,
EWilliams