How to find REO's 16 posts by 15 users

Posted: 04/25/2007 at 08:45AM

Look on this site in the foreclosure section. You will see bank REO listings, that’s a good place to start.

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Posted: 04/25/2007 at 12:26PM

The best place i've found is realty trac. They've got a great selection. The only problem is that you get 7 days of searching free, then you have to pay on a weekly basis. You can search the site without registering but to get the important details you need to register and that involves giving up your credit card info. But like i said, without registering you can get some info. Such as price, amt bed/bath, sq ft, and area. More important info such as comps, loan history, and other housing info can be gathered as a member. I tried the free week and it was definetly worth the info.

Posted: 05/10/2007 at 06:12AM

RealtyTrac is a good start. You can take the info on RealtyTrac, however, and find a listing on the MLS which will give you more detail [remember, we're dealing with REOs, which are almost always filed with an agent]. And you can go to the county tax filings [my county's is online] and usually figure out who owns the property.

You can find out a lot of information for free if you're willing to hunt a bit for it.

Posted: 06/19/2007 at 03:22AM

1. Contact local banks and see who is handling their REOs. Assume that most banks will have a favorite real estate agent for each market.

2. Check with local agents. In the larger brokerages there may be a person who handles the REOs and other similar disposals.

3. Contact local investors or a local REIA. Likely there is one in your area. See what folks there have to say. Local knowledge for what has worked in the past.

Note that in some markets there are not many REOs as the banks do not end up taking many back. In other markets there will be large display ads in local newspapers with many REOs on offer.

John Corey

Posted: 03/31/2008 at 07:47PM

Santa Barbara is a tough one for sure, as far as REOs go. We source REOs, and other RE assets, for buyers and sometimes it take months to find any good opportunities.

Posted: 04/04/2008 at 08:36PM

As a REO REALTOR® the best I can recommend is to find an REO agent in your market. The best way is to see who is selling what, and then ask if they have a list you can be put on, that will let you know before a property is published to the MLS. I consistently carry 10% to 20% of my inventory in a " Pre-Marketing" status which only means the lender has not yet figured out how much they'll take for the asset. Those who work with me, find out about these properties early. I have even accepted offers that have gotten pushed through and accepted before a price was determined.

So, if you want to know about properties, you need to work with an agent - as all properties are sold through either an agent or a public auction (Not trustees sale auction).

If you decide you want to venture east into the Inland Empire...or even Palm Springs area, give me a shout.

Posted: 05/08/2008 at 03:40PM

You have to be prepared to move fast.

[Post edited by Admin]

Posted: 05/15/2008 at 10:27AM

Do a keyword search on the MLS for " as-is" or " addendums" .
That will bring up most of them.