REO Owned, How Do They Sell It?
A foreclosure sale happened here yesterday and I don't think anyone showed up so I believe the bank has it now. Was wondering how does that work after they own it again? How do they go about selling it? Who would I call to find out if the bank bought has it. Would the defendents' attorney give me that information? And one other question, if it is REO property now, does that mean all leans against it like second or third mortgages, judgements, etc, are they all voided out then? Thanks.
all subordinate liens are wiped.
More backs have a forclosure or REO dept.
many times contact info for the back is on the NOD.
Some banks will sell direct to investers, other have in house or partner w/ local broker, others use LARGE asset disposition service.
Good luck.
Hi,
On the same issue, has anyone ever dealt with an Asset disposition company such as "PASREO"? I tried to make a few offers but the real estate agent representing them is not very coaperative...
i believe that PASREO is actually the web site name, www.pasreo.com. The company is Premiere Asset Services and they handle all the REO's for Wells Fargo. I could be wrong about which bank they work for.
I've had no luck with buying REO's from them as they routinely list their REO's at 90% of value and don't deal.