US bank REO Department

5 Replies

Hi,

Does anyone know a phone number for a direct contact at US bank for REO properties. This property hasnt been listed yet but I wanted to get some information on when it could possibly be listed. In public records on MLS, it states the last buyer name as US bank NA Tr for a sales price of 421k which seems like an astronomical amount for them to pay for this house. I really want to buy this property if possible.

You are spinning your wheels if you think you will get to the asset manager, and get information on an REO. You'd have better luck calling the Governor to have the pothole fixed in front of your house.

If its not listed, its not for sale. If its for sale, it will be listed. It's really that simple.

@Amanda Rose Unfortunately, it would not be easy for you to get this information because of the way banks set up their processes. The short answer is that it's not worth the time and effort to try to get this info before the property gets listed on the MLS.

Most likely, you're looking at the $421k figure wrong. When a bank forecloses on a property, it sets the opening bid for the Trustee or Sheriff's Sale. This number can be the total debt owed or less. The $421k is probably the total debt owed and is also the opening bid, which has no relation to market value. Sometimes lenders will lower the opening bid, sometimes they won't.

Most large banks have a process for loans that turn into REOs, which can take a few weeks to several months. In some cases, it might take years before the bank puts the property on the market. The process means de-boarding the loan, assigning it to an asset manager, who in turn assigns it to a real estate agent to list it. Before they list the property, the asset manager makes sure title is clear, any rehab is done, and has the listing agent do a marketing plan. It is very rare nowadays to short circuit this process so you have a very low chance of getting the property before it goes on the market to everyone else.

Ya I figured I wasn’t going to get anywhere with it but thought I would give it a shot to see if anyone had any ideas.  I would hope that the 421k is not the opening bid as the property is probably closer to 200k if not less. It’s unfortunate that we can’t get inside information to at least see where the property is at in the process of being listed.   Realistically it could be out another year or 2 before it’s listed I’m assuming. 

Originally posted by @Amanda Rose :

Ya I figured I wasn’t going to get anywhere with it but thought I would give it a shot to see if anyone had any ideas.  I would hope that the 421k is not the opening bid as the property is probably closer to 200k if not less. It’s unfortunate that we can’t get inside information to at least see where the property is at in the process of being listed.   Realistically it could be out another year or 2 before it’s listed I’m assuming. 

Yeah, if you got "inside" information, it would be to the detriment of everyone else, including the current/previous homeowner. I know it doesn't make sense that it would but, if you were able to slide in and get it for a deal, and the borrower owed more than the deal you got, if they are in a deficiency state, the bank could come back and sue the borrower for the difference. Same scenario, the investor gets shorted. The stockholders get shorted, depending on the loan, the government can get shorted and so on.

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