How to find REO's

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.

Edited: 06/26/2010 at 03:32AM

Joe Intonato

18 posts
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Icon_minipost Apr 25 '07, 04:31 AM

Originally posted by "littlelady"

What is the best way to find REO's. I live in Santa Barbara Ca, I want to find REO's here to invest in. How do I get started?

Try www.reonetwork.com or www.reobroker.com Put in your city/State it should pull up a Lincensed REO agent in your city or close to.

Good luck.... Use all of the resources on B. Pockets, there pretty detailed as well... :lol:

Regards,

Joe

Edited: 06/26/2010 at 03:32AM

Steve Nicewarner

Residential Real Estate Broker · Durham, North Carolina

145 posts
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Icon_minipost May 09 '07, 07:12 PM

Originally posted by "mortalis"

The best place i've found is realty trac. 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.

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.

Edited: 06/26/2010 at 03:34AM

N/A N/A

· Tyler, Texas

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Icon_minipost Jun 14 '07, 11:30 AM

I can try to peel you some inventory out of my larger pools. N o promises that they will have what you want but its worth a shot.

Edited: 06/26/2010 at 03:39AM

Account Closed

3396 posts
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Icon_minipost Jun 18 '07, 04:22 PM

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

Edited: 06/26/2010 at 03:40AM

Tim W.

Real Estate Investor · Indiana, Indiana

4333 posts
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Icon_minipost Mar 31 '08, 08:35 AM

I saw in another thread of yours that you are looking at an REO where the bank is listing the property 500k over their acquisition. Given that and the area you live in, I can only assume you are doing multimillion, luxury REOs. This is not my specialty but I have a friend from New Zealand who does this almost exclusively. She gets them by having a personal contact at the bank and she does it through the standard face to face meeting and getting to know who the players are. There's not a large pool of people that deal in that level of REO properties. You will need to get to know someone personally.

Edited: 06/26/2010 at 04:58AM

Mark Gorjestani

Homeowner · Calabasas, California

11 posts
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Icon_minipost Mar 31 '08, 08:47 AM

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.

Edited: 06/26/2010 at 04:58AM

Philip Rowe

Residential Real Estate Agent · Hollywood, Florida

40 posts
41 Influence
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Icon_minipost Mar 31 '08, 11:37 PM

I find the Fannie Mae and Freddie Mac properties directly from their site. Go to www.hud.gov and on the right column there is a link " Homes for Sale" Click that and it will take you to a number of options for searching for Properties. Under Related Links are the site for Fannie Mae and Freddie Mac, and you will also see several other links. Before I became a Realtor I used this to find good deals and now that I am focusing on this market again, I use it alot more now. You can find some good deals here too.

A good Realtor will know all of the REO listings in your area, but finding a good Realtor will be tricky. Fannie Mae and Freddie Mac will have the asset management company listed with a phone number. Call them and they will give you the number to the Realtor that is handling that property. Usually those Realtors have listings from a lot of banks as well, so that will be a good place to start.

Edited: 06/26/2010 at 04:58AM

John Occhi

Real Estate Agent · Hemet, CA

10 posts

Icon_minipost Apr 04 '08, 09:36 AM

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.

Edited: 06/26/2010 at 04:59AM