Tips and Tricks to get REOs before they hit the MLS??

Hi, what about contacting homeowners 60-90 days late on their mortgage? This will give you a jump on the competition. Please let me know if you want more information, thanks.

Edited: 06/26/2010 at 11:29AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

4,267 posts
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Feb 04 '10, 01:55 AM

Originally posted by Daniel Rud

Hi, what about contacting homeowners 60-90 days late on their mortgage? This will give you a jump on the competition. Please let me know if you want more information, thanks.

Yeah, that'll sure get you the REOs before they hit the MLS; it'll even get you them before they become REO. :roll:

Edited: 06/26/2010 at 11:30AM

Account Closed

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Feb 11 '10, 06:04 AM

To identify or get a list of REOs before they hit the MLS, it is recommended that you BUILD RELATIONSHIPS with many qualified realtors. As soon as they receive a property, they will give you the info before they list it if you have that kind of relationship. And buy the property through them so that they get the full 6%.

Edited: 06/26/2010 at 11:37AM

Trace Trajano

Real Estate Investor · Cincinnati, Ohio

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Feb 11 '10, 09:27 PM

Another way to get REOs before they hit the MLS is by getting in touch with asset managers of your local banks. If you prove yourself as a buyer, you will get houses from banks directly. I am working on 40 houses from a local bank right now.

Edited: 06/26/2010 at 11:37AM

Tim W.

Real Estate Investor · Indiana, Indiana

Donor

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Feb 12 '10, 11:12 AM

Find good ones on the MLS and get a reputation as a real buyer. People will just start contacting you first. Doesn't mean the ones that haven't hit the MLS yet are the best deals though. I've passed up as many of those as I have MLS listed ones. Don't overlook MLS properties. There's some good ones in there.

Edited: 06/26/2010 at 11:38AM

Tiger Sun

Real Estate Investor · Weston, Florida

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Feb 12 '10, 01:24 PM

Everyone is right. It's all about building relationships. Real Estate is a relationship building business.

The best way to do this is to CLOSE some deals. It's rare for realtors to come by someone that closes deals. Down in South Florida, the realtors get's tons of BS offers and many back out on inspections. Close one or two and you got the upper hand.

That being said, start at the MLS and comb through it. To get the Pre-List REO's, you gotta close on them and to close on them as of now, you got to get them from the MLS.

As for contacting asset managers, more than likely they will not want to bother talking to you unless you can bring some a large amount of cash to the table or if you closed numerous deals with them in the past. I tried doing this once. I keep getting directed to brokers...

Edited: 06/26/2010 at 11:38AM

Eddie Ziv

Real Estate Investor · Studio City, California

1,803 posts
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Feb 12 '10, 01:38 PM

Yea, get a real estate license... :wink:

Edited: 06/26/2010 at 11:38AM

Bill Gulley

Real Estate Investor · Springfield, Missouri

5,642 posts
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Feb 12 '10, 02:02 PM

I guess people think I'm pulling their leg! Asset managers, maybe, but tha's too late, not enough time to really do much.
Take laon officers at small local banks out for lunch. Tell them what you do, how you give equity to the seller and make it a win win for ewveryone. They will not tell you about a loan that is a slow pay! Don't ask for that. Instead, tell them to tell the borrower about you, that you might be able to help them, not an endorsement, just give the guy a call. I had borrowers calling me! I never bought a list, chased down the the courthouse for les pendis filings, they called me! Try it, it might work. Bill

Edited: 06/26/2010 at 11:38AM

Mike C

Real Estate Investor · Ohio

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Feb 13 '10, 10:30 AM

Kacey,

Lots of good suggestions but you really have two options. First, do as suggested and get friendly with the smaller local banks/credit unions in your area. Take them to lunch, be active in the community and so on. You want them to think of you anytime they foreclose on a home (check their website as it probably has some listed). This assumes they service and keep their own loans. If they don't, this won't help you much but there are usually some smaller ones that keep the paper.

The second option is to find out which realtors or firms handle the REOs in the area you want to buy in and become friendly with them. You have to build this relationship and that won't be easy. Everyone wants to be his or her friend. Luckily for you, most won't do the work to find out who this person is. Then you have to be a real buyer or will really out in the cold so to speak. Your goal is to be the first person that realtor calls when they get new properties. That will take time and effort on your part.

Getting a jump on REOs will only happen by building relationships as suggested. No short cuts. It isn't what you know, it is who you know.

Best of luck

Mike C

Edited: 06/26/2010 at 11:38AM by Mike C