REO pre-listing

7 Replies

how do I go about finding a reo agent that will allow me to view pre-foreclosure listing before it hits the Mls? I have the funds to close, all cash deals. Thanks in advance.

I think you're a bit confused. A property is only a REO after the sheriff sale. Its a "pre-foreclosure" prior to that point.

Almost all REOs get listed on the MLS. The banks have a handful of agents they use in many areas. If you mean how can you find an agent who will show you these listings before they're put on the MLS, then the answer is you can't. Once its sent to an agent it gets listed. Small banks might let you buy directly from them. The big guys won't. They know they get the most money by listing the properties.

Now, if you mean a REO agent you can work directly with, then look for REOs in your area and see who's listing them. Try calling those agents and see if they will work with you. @Will Barnard says he has good success doing this, but he buys a lot of property. Many of these listing agents have no desire to work with buyers.

Times have changed and so have the rules. In the past, it was much easier to form relationships with CA REO list agents and have them send you stuff prior to them lsting on the MLS. Today, their hands are tied and this is just not as likely.

Also, while REO listings use to dominate the inventory, they are now the minority of listings.

Sorry I don't have better news for you, however, that does not mean you should not be goring relationships or stop going after REO deals.

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Originally posted by @Gena Gonzales :
So, what should I flip? Vacant homes?

I think you are missing the point. Do not limit yourself to one target type property in this rough market, rather, target any and all motivated home sellers. That can be vacant homes, tired landlords, probates, REO I, short sales, absentee owners, fire damaged homes, etc.

That takes knowledge on how to obtain each. For example, you need to know how to direct market and speak to home sellers once they contact your for REO deals, you need to make lots of offers, meet lots of people, and be willing to put forth lots of time and effort, same with short sales and then you must add patience.

There might be a chance but a very slim chance to get leads before they hit the MLS unless you have millions of dollars and ready to buy.

Joe Gore