Updated almost 19 years ago on . Most recent reply
Need help with REO listings
Hello everyone,
I'm currently helping several of my clients buying REO properties locally in Southern California. I have read many postings in this forum which indicates how much difficulties of dealing with asset management firms and such.
I have a contact with a local broker who specializes in dealing with REO in the local market. He give me details of the REO properties before these get listed on the MLS .. with the beneficiary and trustee information included. However, so far for the past several weeks, I have made several offers direct to either the trustee or beneficiary of the properties .. ( more than 10 ) .. and have not gotten any results. As a matter of fact, a couple of listings since then have list on the MLS.
My first question is with the information I have, what would be the best approach .. for those properties have not yet been listed on the MLS. Currently, I'm sending a letter of interest to the trustee ( sometimes the beneficiary ) .. and if there is something needed besides to get more response from the lenders, please let me know.
My second question is .. if the REO property is now listed on the MLS through a broker .. I was told if the offer is also included with the prequal/approval letter from the same lender who own the property .. it has more merit than offers with approvals from different lenders since the lender who own the property can recoup some of the losses through their own loan .. is it true ? .. If it is, what is the process of obtaining the approval ?
I would greatly appreciate any advice and help.