How To Find REO Homes?
I'm interested in buying a home and I want to know how I can find REO listings?
I want to be able to purchase directly from the bank. I don't need them to finance me. I just want to get something at even just a small discount (5-10%) off of fair market value.
I'm in SO CAL, so I'm particularly interested in that area.
Any help would be appreciated.
Most of the REOs that I have found are through real estate agents that ,among other things, list REOs. I am not sure what sort of opportunities you will find in SO CAL. Most of what I have been looking at is out of state.
Good luck and regards,
Ed
in 2003, california REOs averaged 99.5% of the fair market value. If you can get to a bank before the property is listed with a realtor, you may be able to save 5-6% in those fees.
If you have the cash, go to the auctions!
I agree, REOs are not a deal.
But if you want to find the listings, check:
http://www.reo.com
http://www.buybankhomes.com
Those are the 2 big REO sites where banks/agents post their REOs. The banks all have sites also; I have a list on my site at www.angelalarson.com under "foreclosures".
Good luck
Angela, Please shed more light...... What if the property has been sitting abandoned for a couple of years? Would the lender be a little bit more motivated? I'm presently working a REO offer and it's going real slow. Would like more insight into the mind of these lenders.............
Mark each lender is different and will have different motivations that will encourge or discourage them to sell. Yes a lender becomes more motivated the longer the property sits there as they have holding costs involved (taxes, utilities, etc), not to mention upkeep/maintenance on the property.
I would disagree with Angela's blanket statement that REO's are not bargins, some are, others are not.
I just put almost $68K in my pocket and have some $62K in equity in an REO that we just purchased before even doing any repairs. An after repair appriasial estimate came in close to to another $60K of equity on top of that. So for someone walking away with that much equity you can't tell me REO's are not a deal.
Now how many REO did I look at before this deal came along, well it seems like I only got a $1 for every deal I looked at when I cashed out, but I really didn't look at 62,000 deals, but I did figure I got over $2,000 for every REO I got serious about and put an offer in over the last two years, whether I bought the deal or not.
Keep poking around, too many people want instant gratification and thats fine as it leaves deals like this for the longhaul.
"REOs averaged 99.5%" in SO CAL...
Any idea what they average in NEW YORK?
Or any specific comments about the New York Market?
Thanks!
"REOs averaged 99.5%" in SO CAL...
Any idea what they average in NEW YORK?
Or any specific comments about the New York Market?
Thanks!
It seems from my experience that the banks have some sort of "schedule" on when they will reduce the price, etc. Seems every 4-6 weeks they automatically send me a price reduction. Sometimes a little, sometimes a lot depending on the bank. Ameriquest seems the easiest to work with; the others are STUBBORN!!!
All I can say is make an offer starting low; they want to go back and forth for some reason and don't mind countering 4-5 times. If your offer doesn't go through, wait a few weeks / months and re-submit the same offer again.
I, of course, ALWAYS recommend using an agent whenever buying or selling 8-)
However, with REO's, be sure to use an agent because they don't count the commission into their net and they'll pay it one way or another no matter what - I guess what I'm saying is, it doesn't hurt you or affect the price you can get if you have an agent.
I'll work on expanding my foreclosure / REO info on my site as I learn more and make more contacts - I already have a huge list of REO sites. Let me list them for you:
http://www.ncmcreo.com
http://www.ocwen.com/reo/reofindbystate.cfm
http://www.resales.usda.gov/
www.fanniemae.com/homes/
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp
http://www.treas.gov/auctions/irs/real1.html
http://app1.sba.gov/pfsales/dsp_search.html
http://www2.fdic.gov/drrore/
http://www.keystonebest.com/reo/reo_inventory.asp
http://www.lendersreo.com/2020applications/propertylistings.asp
http://www.iasreo.com/search/home4sale.asp
http://www.matrixasset.com/07_REO_Properties.asp
http://www.mlnusa.com/realestate/listings.asp
http://www.premierereo.com/consumerSvlt//nav/ConsumerNavL1.jsp/requestPage/consumer/PropertySearch.jsp
http://www.treonet.com/
http://www.reonationwide.com/prop_list.htm
http://bankofamerica.reo.com/search/
http://www.bankone.com/answers/BolReoSearch.aspx
http://www.countrywide.com/purchase/f_reo.asp
http://www.1800fremont.com/REO/ReoProperties_Available.asp
http://apps.indymacbank.com/individuals/realestate/search.asp
http://www.wfsg.com/realestate/realestate.aspx
http://www.treas.gov/auctions/customs/realprop.html
http://www.res.net/scripts/runisa.dll?ResNet:HOME:1551811116.4246
Have fun!!!
After re-reading your post, I also just want to say to keep in mind that making offers on REOs is a different world - there really are no emotions involved like a normal seller, the process can take more time, and it can be frustrating waiting for a response only to have them counter a hair below asking price. BTW, dnvr, I am speaking of my own experience which is extensive in this field. There are ALWAYS exceptions, but as a rule I'm finding (and the hundreds of REO agents I network with, who discuss these topics on a regular basis) that the banks are looking to get FMV for these homes. REO's in GENERAL are not the bargain they were 10 years ago when rates were higher, etc. This may vary by location and saturation as well; MN is relatively low on foreclosures when you look at the numbers. Of course you'll find a deal here and there, I was just telling those new investors that their time may be better spent looking at other investment vehicles. My opinion on what I deal with on a day to day basis.
I think because more ppl are investing in real estate than before, thats perhaps also one of the reason banks have the edge. pre-foreclosure's are probably not the best for people who are new like me, as they require good experience.
what is the usual time frame to close a short sale - get approval etc?
I Have a home owner who isn't behind on pmts but needs out asap - can i file a mech lien on his prop for the equity while i do a few repairs in stead of buying it first - thereby selling the home sooner than the usual 90 day fha waitin period and saving interest, closing fees etc? it is practically ready to sell as is
thanks,
TK -realtor
THANKS ALARSON FOR THE LIST--WOW-WE OWE U!