Finding REO Properties
I'm a neewbie to REO properties and need some info on locating them. Do I go to REO realtors? How do I find this? Thanks
I'm a neewbie to REO properties and need some info on locating them. Do I go to REO realtors? How do I find this? Thanks
The way that I find them is to drive through my target area and look for the green stickers on the doors and also lockboxes.
Joe
Call newspaper ads is the best and easiest bet. Call the ones that say "we buy houses" or something along that effect. If they buy houses they also sell them.
GL
[addsig]
:-?
dnvrkid, I have tried this. My experience is that most banks go directly to a Realtor and list on the MLS. They will not even talk to you about selling directly.
Have you run into this at all. Is there a certain person to try to talk to or just certain banks to deal with?
Banks will usually go directly to the realtor. That doesn't mean the deal is dead. Usually the bank will play a numbers game by asking more than the junker is really worth (for investing purposes). Submit an offer anyway. Time and circumstance will change all sellers minds. If the offer is rejected, make it again in a few weeks and keep making it until the house is either sold to someone else or they accept it. Good luck!
You are correct, most if not all, the properties are listed with a real estate agent, but you will be surprised how many of them are not marketed very well, or are sitting at a price higher than what will cause anyone to look at them.
The real estate agent is waiting for the bank to call him to lower the price and remind him he still has the property listed while the bank is working other foreclosures and expecting the broker to do his job and give feedback on why the house hasn't sold.
My lastest example is my least favorite bank to deal with Ocwen. But this time we racked them over the coals a bit.
We made an offer a year ago at on a house that appraised at $320K in 2000. They were owed just under $300K and we offered $265K as the home was in fair condition. Ocwen playing hardball said no way.
Now a year later, I made an offer the 1st of November for $205K and they accepted. The house passed inspection with flying colors and the appriasal just came in at $345K.
We close on the 14th with $140K equity. Now I have to figure out Jumbo loans I think, but I may just move into it myself.
What helped us? The realator sign was down. There was another investor trying to low-ball Ocwen (someone had removed the mail-box, the house numbers, and the realators signs) and they didn't keep the front hedge in good shape. Poor curb appeal and poor marketing.
Makes good money for me!