Deal Generator · Glen Burnie, MD · Member since 2015 · 22 posts · 6 votes
Is there a list source for REO properties without having to work with Realtors or tracking down asset managers?
Example: I am in Baltimore City, Maryland. I do NOT want to deal with all the REO Listing agents and I also do NOT want to have to look up every bank and try to track down the asset managers in order to get the list.
So how do you get the list without dealing with Realtors and without tracking down asset managers?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Okay, then to the question at hand, no. All REO's you can buy will be thru realtors, or off of auction sites like auction.com, but have fun trying it another way.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
They'll all be listed. It wouldn't make sense to try keep track of all the REO listing agents. Find one agent, who'd be working for you, it's easy to set up an automatic MLS search that would forward all REO's as soon as they hit the MLS.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Okay, then to the question at hand, no. All REO's you can buy will be thru realtors, or off of auction sites like auction.com, but have fun trying it another way.
Real Estate Agent · Baltimore, MD · Member since 2014 · 215 posts · 123 votes
10y
@Brian Sinclair as @Wayne Brooks mentioned the only easy way to do this is through a realtor. You could try and just use third party sites like Zillow or Redfin but their information isn't 100% accurate and/or timely. If you are really adamant about looking up REO, then I am sure you can get a list of foreclosures from a place like list source and follow the foreclosure process through the court records and then figure out which bank ends up owning the properties.... I can tell you right now that I've never done anything like that and I am assuming it would be very time consuming and you would have to wait a very long time until the house finished the forclosure process.... So in layman terms, using a realtor or third party sites is the easiest way... Is there a particular reason you are against using a realtor? If you are so against them, have you thought about getting your own license ? I have also heard of individuals getting MLS accedes without being a realtor but paying a higher rate (not sure of the requirements but check mris.com).
What are you trying to accomplish here? All major banks work exclusively through licensed agents so they don't have to negotiate with one-off individuals and to limit liability. They price commissions into their selling prices. Not only will you not be able to get any traction working with banks directly, you won't save any money doing so. Because of regulations, a bank could face millions of dollars in fines if specific policies aren't followed and they get sued. Why would they risk that to work with an unrepresented individual on a single property?
I recommend not going to each listing agent and working through them, but to find your own buyer's agent who works for you to deal with them on your behalf. This is a great opportunity to build your team and get a good investor-friendly agent in your court.