OfflineI know this is a broad subject but just wanted to present a few things:
We all know that by contacting our agent and having them search reo's short sales and the like is a pretty easy thing to do.
What I have noticed lately is that the larger banks are less willing to deal or are slow as molasses. Especially B of A and Wells Fargo. Dragging their feet is to the tune of 4 months in some cases and that is on a cash deal for Pete's sake! Grrrr
So what I have found that is going after small banks, especially locally owned and credit unions are the best bet.
They didn't get all this bail out money and are making better deals to get property off their books.
All you need to do is contact their Loss Mitigation dept. and ask them pretty please for a list of properties. Simple right? Go for it!
Let us know of your experience in this area!
Randy Bailiff
Dean Graziosi Real Estate Investment Coach
Thanks great advice!
Bless and be blessed!
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Hello,
I received the list from a small bank but it directs me to the listing agents that are selling the properties. What do I do next? I should be working directly with the bank on these properties and not the listing agent, correct?
Just need some clarification there.
Faith is taking the first step, even when you don't see the whole staircase. ~Dr. Martin Luther King
No, you will not be working directly with the bank. Normally they have a rotation of agents that list their properties for them. The banks are not and do not want to be in the real estate business. You will have to work with and go through their listing agent. Remember that the listing agent is representing the bank and their interests NOT yours. This is a situation that you might want to use your agent to represent you and your interests.
Good luck!
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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Thank you Karen
Faith is taking the first step, even when you don't see the whole staircase. ~Dr. Martin Luther King
"All you need to do is contact their Loss Mitigation dept. and ask them pretty please for a list of properties. Simple right? Go for it!"
In my experience, it would be easier to get a job in the loss mitigation dept and go from the inside.
thanks for posting this....im going here ...ill have to look at my schedule of events this week...but im going to go down to the banks here and ask POLITELY!...sometime this week
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Is it acceptable to make offers on homes that are bank owned but not yet listed for sale? I have a list of quite a few in my area that have been foreclosed, but don't know if I have to wait until they actually list them for sale.
"When we are grateful, fear disappears and abundance appears." ~ Anthony Robbins
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." ~ Napoleon Hill
Jill
no you dont...correct me if im wrong guys but...there called "UNLISTED PROPERTIES" meaning there is no compititon if any on them...thats the ones to go after...dont know about your state laws though but ohio is fine with that
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
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I will contact the banks and ask for the loss mitigation department then. Wish me luck!
"When we are grateful, fear disappears and abundance appears." ~ Anthony Robbins
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." ~ Napoleon Hill
Jill
Reos are good pieces of property to go after becuzz the bank is already motivated to sell and they are quicker to get versus all the ring around with short sales and pre-foreclosures. And you get clear and equitable title to the property versus properties that could have lots of liens agAINST THEM IN preforeclosure. Reos limit the banks lending power and they want to liqidate these properties even for pennies on the dollar. Like donald trump said go after reos cuzz the bank will make the deal. Be greedy when others are fearful and fearful when others are greedy. Yes, go to the credit unions and local community banks and inquire about theier reos. Ask for the REO asset manager
Thank you. You brought up my next question: when a property goes back to the bank do the other liens go away? If there are 2nd or 3rd mortgages, do they get written off? If there are tax liens, does the bank pay those off to protect the property from being seized by the government entity?
"When we are grateful, fear disappears and abundance appears." ~ Anthony Robbins
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." ~ Napoleon Hill
Jill
Bank of America
Chase
Wells Fargo
These are the 3 banks to avoid, if at all possible. They won't help at all.
Yes when a property fails to sell at an auction the bank takes it back and is considered an reo. They are considered non producing assets. So it costs the bank alot of money to pay thesr expenses such as insurace, prop taxes.like u said, and other expenses related to the property. Yes u are getting clear and equitable title to the property.
Great info! thanks for the heads up.
Thanks for the info, I have been searching those two big bank sites for properties and that makes a lot of sense. I will be contacting the smaller banks now.
This is great advise, Joe Jurick preaches this all the time and has gotten some great deals. They are also a good source for loans.
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