most sites charge that supply reos from lots of banks - the free listings usually don't have an address - just the statistics. BUT to go to a specific bank and use thier search engine to find the link in thier own site for REOs.
one in specific is ocwen. they have good stuff for free, but you won't find the link in the top level pages, you must dig a bit into it. they took the link from the readily accessible pages about 6 months ago. but most banks should have it somewhere on the site.
Attn Real Estate Owned Department.
Hi my name is______ and I am a private party investor looking to buy bank owned properties CASH (make sure you put cash) Let a address, and E-mail address, and also possibly a phone number, and you should see results in a few weeks.
After contacting Washington Mutual in regards to a short sale, the woman who I dealt with had no idea what I was talking about, she did however recommend
www.buybankhomes.com
This may come as a surprise, but most bank REO's are listed on the market with a Realtor. Most people that are looking at the properties have no idea that it is an REO. But the bank will put them on the market for fullk retail price.
Local or smaller banks have a core' group of investors' that they will call if there is some fudge room in the properties. If they can sell them right away to these investors, they will do so. However, there are some inner politics palyed with this.
Ex. - I went the corporate branch of a bank that has about 10 locations in my area, and I met with the person in charge of the REOs. Before he was interested in working with me, he wanted me to transfer some dollars into his bank and become one of their customers. He wanted to play games, and I wasn't interested, besides he had a core group of about 20 other investors ready and willing to bid on the REO's before me.
There are so many ways to make money with real estate that it will blow your mind. If one method doesnt work out for you, go on to another!
There certainly are numerous ways to make the big bucks in real estate. Contacting the local banks is a good way, but as investors competing with LOADS of other investors, you all must understand HOW MANY REQUESTS local banks and REO sellers see every single day. As a realtor, I talk with hundreds of buyers every month...it's really difficult to remember who wants what, who is ready to buy, who actually has money, who is just "checking out the market". My advice to the new investor is go meet with a realtor in your area that works as a buyers agent (NOT the listing agent) on foreclosures. Listing agents typically don't have the time to work buyers and of course make their money on the listing side so don't need to work the buyers. A buyers agent will work FOR YOU as a birddog, but you MUST stay in touch with them (every 2-3 weeks). The more times they see you, speak to you, the more likely they will call YOU when a good one comes up. BE SPECIFIC about what you are looking for. It is impossible for anyone to find a good investment for you if you can't tell them what you want. If an investor says to me "give me a call when you see a good one, I don't care what it is or what the price" I generally don't call them back. There are too many "good deals" out there to call 500 investors for each new REO or price reduction.
98 % of REO's are listed in the MLS. Contacting the sellers directly is really just more paperwork on your end. The end result is that foreclosures whether handled by an Asset Management company, or the sellers directly (ie: FNMA, Freddie Mac) are listed with a realtor. You will always be directed to that listing office.
Local bank foreclosures are USUALLY listed with a realtor also, and I agree completely with the last comment about the politics involved in local bank REO's.
most sites charge that supply reos from lots of banks - the free listings usually don't have an address - just the statistics. BUT to go to a specific bank and use thier search engine to find the link in thier own site for REOs.
one in specific is ocwen. they have good stuff for free, but you won't find the link in the top level pages, you must dig a bit into it. they took the link from the readily accessible pages about 6 months ago. but most banks should have it somewhere on the site.
I write letters to banks.
Attn Real Estate Owned Department.
Hi my name is______ and I am a private party investor looking to buy bank owned properties CASH (make sure you put cash) Let a address, and E-mail address, and also possibly a phone number, and you should see results in a few weeks.
Eric
[addsig]
After contacting Washington Mutual in regards to a short sale, the woman who I dealt with had no idea what I was talking about, she did however recommend
www.buybankhomes.com
Try these free sites...
www.uppmac.com
www.matrixasset.com
You may have to navigate a little to get where you need to go.
These may not be nationwide properties.
Hi sly,
This may come as a surprise, but most bank REO's are listed on the market with a Realtor. Most people that are looking at the properties have no idea that it is an REO. But the bank will put them on the market for fullk retail price.
Local or smaller banks have a core' group of investors' that they will call if there is some fudge room in the properties. If they can sell them right away to these investors, they will do so. However, there are some inner politics palyed with this.
Ex. - I went the corporate branch of a bank that has about 10 locations in my area, and I met with the person in charge of the REOs. Before he was interested in working with me, he wanted me to transfer some dollars into his bank and become one of their customers. He wanted to play games, and I wasn't interested, besides he had a core group of about 20 other investors ready and willing to bid on the REO's before me.
There are so many ways to make money with real estate that it will blow your mind. If one method doesnt work out for you, go on to another!
Best of success!
BAMZ
There certainly are numerous ways to make the big bucks in real estate. Contacting the local banks is a good way, but as investors competing with LOADS of other investors, you all must understand HOW MANY REQUESTS local banks and REO sellers see every single day. As a realtor, I talk with hundreds of buyers every month...it's really difficult to remember who wants what, who is ready to buy, who actually has money, who is just "checking out the market". My advice to the new investor is go meet with a realtor in your area that works as a buyers agent (NOT the listing agent) on foreclosures. Listing agents typically don't have the time to work buyers and of course make their money on the listing side so don't need to work the buyers. A buyers agent will work FOR YOU as a birddog, but you MUST stay in touch with them (every 2-3 weeks). The more times they see you, speak to you, the more likely they will call YOU when a good one comes up. BE SPECIFIC about what you are looking for. It is impossible for anyone to find a good investment for you if you can't tell them what you want. If an investor says to me "give me a call when you see a good one, I don't care what it is or what the price" I generally don't call them back. There are too many "good deals" out there to call 500 investors for each new REO or price reduction.
98 % of REO's are listed in the MLS. Contacting the sellers directly is really just more paperwork on your end. The end result is that foreclosures whether handled by an Asset Management company, or the sellers directly (ie: FNMA, Freddie Mac) are listed with a realtor. You will always be directed to that listing office.
Local bank foreclosures are USUALLY listed with a realtor also, and I agree completely with the last comment about the politics involved in local bank REO's.
TheForeclosureHunter,
That was one of the best summaries of how to work the REO market that I've seen. Thank you.
Roger