how to find out if it's a REO??

Question

hey everyone,
just wondering how i can find out if a property is REO through computer search. there's a specific property that just listed on the MLS that i believe is a REO. I've come to recognize minor signs on MLS listings that may signify that it's a REO (i.e. no pics, descriptions, or historical information on the listing). I've tried to run a public search through my county clerk's website, but with no luck in finding specific information on the property...actually i can't find out how to find out public info on the property...rather i usually just run public search on the current/previous owner's name and see what shows up. this time there were multiple people with the same name, so i don't know if some of the official documents are for the person/property i'm looking for. 
any help or suggestions is appreciated.

thanx, -Anthony

Carmelita Sams · Answer

Depending on what type of access you have to the MLS, look in the comments section. If it says any of the following; corporate-owned, as-is, certified funds for earnest money deposit, cash only/proof of funds, must do own termite inspection, no contingencies, etc. then the chances are good it's an REO. :type:

Go to Ocwen's and Premiere Asset Services' site. They're two of the biggest. Look up REO's in your state. Note who the listing agents are. Then contact those agents and ask if they'll keep you notified of any new listings.

Jason Wheeler · Answer

You should get a relationship with a Title Company.  I use http://www.fatco.biz They can provide weekly reports on this in your area.

If you would like help getting set up with them let me know.

Anthony Portugal · Answer

thanx for the info wheatie

Jon Holdman · Answer

If you county has a website that allows property searches, you should figure out how to work it.  It might be worth a trip to the courthouse for some help if you can't figure it out on your own.  Just ask them to help you look up the property in question. Assessors and recorders have their own way of looking at the world (or, at least their county.)  Once you figure it out, and navigate through the often obtuse interfaces, you can get a lot of info.

Every property has some sort of ID.  Usually "assessors parcel number", "parcel number", "parcel id" or some such.  It might be on the listing.

Some counties have a map version of the search.  If nothing else, zoom into the map and start clicking until you find the address.

Once you crack this nut, it gets more obvious how to do it.

Go drive by the place.  REO's are almost always empty, in my experience.  They will have a sign up saying "property has been winterized".

Once you track down a few, you should start looking at the listing agents web site.  Often a few agents handle all the REOs in an area.

Jon