Most REOs are listed by a realtor that the foreclosing entity uses..Contact them directly if there is a sign in the yard, windows, door. If not, ask for the REO department and hope that they help.
Most REOs are listed by a realtor that the foreclosing entity uses..Contact them directly if there is a sign in the yard, windows, door. If not, ask for the REO department and hope that they help.
Kerwin Montilla
Banks won't take calls from individuals unless you have a personal contact there. You have to contact the listing agent or have another agent contact the listing agent for you. Listing agents aren't always easy to get ahold of, but other agents can usually contact them.
Ok Let me refrase the question when the house is not on the market but in preforclosure who do i contact or what department in the bank can i contact to make an offer
@Kerwin Montilla If a house is in preforeclosure and you want to buy the house you need to contact the owner of the house. And that is NOT the bank. Find out who is on title and contact that person. See what their issues are and see if you can solve them.
The bank doesn't own the house until after the auction and the foreclosure process is over. A property is only called an REO after the bank owns it not while it's in pre-foreclosure.
Like @Guy Olds mentioned, if the owner is behind on payments, you have to work with them to do a shortsale. They will have to put together a case for hardship to get permission from the lender to approve the shortsale. The owner will need a listing agent that specializes in shortsales to get the paperwork through. It's a lengthy and complicated process. The lender will order a BPO or an appraisal and try to get as close to market value as possible to minimize their losses.
@Christopher Phillips Yes what you say about shortsales is correct. But not every preforeclosure is underwater. Many if not most have equity though I'm sure that depends on what part of the country you're in.
@Kerwin Montilla So if you find a house in preforeclosure you need to do a bit of research to find out if it might be a short sale. But if you can't figure it just knock on the homeowners door and during your conversation with them ask how much they owe and how far behind they are. At that point you'll know for sure what your dealing with.
Yes. It does depend on what part of the country the owner is in.
Nationwide, 23 percent of the country was reported to be underwater in 2016, which is roughly 10.7 million of all residential properties with mortgages...
Nevada was the highest at 65 percent.
Arizona was next at 48 percent, followed by Florida (45 percent), Michigan (37 percent) and California (35 percent).
@Christopher Phillips I don't know where you get you data from but your California data is so far off the mark it makes me suspicious of the data from the other states you mention and thus your data source is highly suspicious.
According to Property Radar, which is the one of the best data aggregators out west, only 5.0% of California home are underwater as of October 2016. Your number of 35% California homes underwater is just not believable. Here is a link to their report. I'm making it less easy for the moderators to delete my post by making the link not clickable.
More recent reporting from Zillow (Dec 2016): "Nationwide, the number of underwater homes is down to approximately 5.3 million, according to Zillow. The number swelled to its highest point in the first quarter of 2012, when it exceeded 15 million."
Some top cities: % of home owners with negative equity
@Christopher Phillips Now these new numbers you posted are way more believable. Thanks for the update. Short sales are still a way to buy houses in the much of the US just not the predominate way.
Now throw away that first set of numbers you posted. They belong in the garbage.
About over 1M realtors have tried and thought bank will let their cash buyers sell thru these agents-brokers. The bank Asset Manager is not authorized to sell direct. Often it goes to a bank on a tape say 100 homes at a time. The tape can NOT be cherry picked, but you can buy the tape pay cash to a broker.
Suggest you check on line auction.com when it is ready for retail.
Just about every realtor in America have tried and thought bank will let their cash buyers sell thru these agents-brokers. The bank Asset Manager is not authorized to sell direct. Often it goes to a bank on a tape say 100 homes at a time. The tape can NOT be cherry picked, but you can buy the tape pay cash to a broker.
Suggest you check on line auction.com when it is ready for retail.