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

Question

What are some ways you use to get access to REOs before they are listed on the MLS?

What works and what doesn't?

Brandon Yeager · Answer

The absolute best way to get REO's before they hit the MLS is to have made offers on REO's previously to listing agents.

You'll find that over time, after they know you are a proven buyer, they will call you directly when a new deal is coming down the pipeline.

Mike C · Answer

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 donâ€™t, this wonâ€™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 wonâ€™t be easy. Everyone wants to be his or her friend. Luckily for you, most wonâ€™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 isnâ€™t what you know, it is who you know. 
          
          Best of luck
          
          Mike C

Account Closed · Answer

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.

Bill Gulley · Answer

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

Eddie Ziv · Answer

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

Tiger Sun · Answer

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...

Timothy W. · Answer

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.

Account Closed · Answer

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%.

Daniel Rud · Answer

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.

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

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