Package REOs
I am a real estate agent in Chicago and have a client who is interested in purchasing a "package" of REO properties-- preferably ones that are not listed with a real estate agent and are located in Chicago and/or its surrounding suburbs.
Finding it hard to get leads into the banks who have the most such properties to propose a deal. Any advice much appreciated.
[ Edited by csw1913 on Date 09/28/2006 ]
[ Edited by csw1913 on Date 09/28/2006 ]
Call your local D bank. Ask for the manager. Tell them what you want and they will know where to send you.
Also, look at court documents for foreclosures that D bank did and that should clue you in as to department to contact
go to the county recorders office & do a title search
Some title companies will charge you $50 for a title search. Call them and ask
If the bank really owns the property, then there was a foreclosure. The foreclosure extinguishes the mortgage. Nothing is owed now.
Since the bank owns a free and clear property, they are free to sell it for whatever the market will bear. If the comps for this property in its current condition are $115K, then the bank will probably ask $115K for the property.