REO Agents

3 Replies

I'm getting more and more familiar with REOs and the process they go through, all thanks to Bigger Pockets!

Now, I've found a few recent foreclosures and I went and paid them a visit yesterday and found each home had already been assigned to local Agents through papers in the windows. Luckily, one of the agents I have been talking to regarding another property and the other has several other REO listings. If these properties have been assigned to agents is it a safe bet that they will go onto the MLS soon - maybe not next week, but in a month or two, depending on repairs the bank may do?

Also, the homes had "No Trespassing" in the window. Is it okay to just walk up to the door of these homes to get the phone numbers and peek into the windows? 

I appreciate the help! We're one step closer to finding our dream home!

I have done walking around REO vacant houses with no problem.

But not with tenants or owner occupied houses. Stay away from those and make an

appointment with the R.E. agent who is responsible or have that listing.

Most of the time when an agent gets a listing its on the MLS within 72 hours.

@Holly Rust  - the agent will get assigned to the house in advance of listing because there are things like dealing with occupants (cash for keys) that the lender must have done. The agents are supposed to make periodic visits to the property to make sure it is safe and secure; if not, boarding up windows, getting trash out, etc gets ordered. They also will give input into the listing price before listing. 

What I would ask is whether they would allow you to visit and inspect the property pre-list; that way, when the listing goes on MLS you can already hand them an offer. Keep in mind that the first look programs will put any offer you make as an investor on the back burner, so you might want to ask whether it will have a first look period or not.

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