REO locator

I have been looking everywhere in my area to find out about available REO's. So far, I have found various realtors who have them listed (seems I keep hearing "avoid realtors"wink and when I contact the bank's central office I usually get referred to some website that shows only one or two properties. The problem is, when I access the county records, there are dozens of properties that have already gone through the foreclosure process and are now REO's. This is typically dozens for each bank. The question is, WHERE ARE THESE PROPERTIES? They don't all seem to be listed with realtors, and they certainly don't show up on the websites. I am still trying to get someone at one of the banks to tell me where all these properties are, but I haven't found the right person yet. Any suggestions or comments on where to look or who to talk to? Anyone already have this info in the southwest Florida area? surprised

Comments(4)

  • Samw8th June, 2003

    I have not tried this but I found a website which has the software which does the REO search for you check it out..who know it might be useful
    All the best and let me know if you do check it and it works

    http://www.cybamall.com/foreclosures/index.html

  • jorge1218th June, 2003

    DTJ:

    The reason you are not finding these properties may be threefold. First, unless you have a bid sheet showing that a sale actually took place, it is very possible that the owner was able to cure the default with the bank and avoid foreclosure. Second, the bank may not have been the highest bidder at the short sale in which case the property would not become an REO. Lastly, many times the larger banks might take 3-4 months between the time the property is acquired at the sale and the time it is listed with an agent for sale. You might want to work with a realtor to specializes in REOs; most banks with a large REO inventory will use a realtor rather than try to sell it in house. Hope this helps.

  • dtj9th June, 2003

    Thanks for the info. In this case, the banks were the successful bidders at the sale and they are listed as the current owner in the property records. So, it is probably the third scenario where the property sits a while before being sold. Anyone know of a way to pick these up before they go to the realtor?

  • dtj9th June, 2003

    Anyone ever hear of, or actually use, software called REO Detective? One of the above posts gave a link, and the website lists this software. Just thought I'd get input before spending any $$.

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