Pittsburgh, PA · Member since 2013 · 8 posts · 1 vote
I noticed that there are a couple of large homes in my neighborhood that no one is living there for quite sometime. I looked up in the county records and two of them list bill receipt for escrow reporting to Chase Home Finance and one to Quicken loan. I was hoping to purchase these properties and rehab and flip them but i am not sure where to start. Should i called Chase and Quicken Loan and find out what they are asking for the properties?
These are called REOs. That stands for "real estate owned". They are properties that have been foreclosed on, had no bidders at the sale and are now owned by the lender. Eventually they will be listed on the MLS. If they were owned by small, local banks you might have some luck contacting them and trying to buy them before they're listed. With big organizations like Chase and Quicken, no chance. You'll have to wait for them to be listed.
Check the windows. There is often a notice saying "in emergency call" and a name and phone number. That's often the agent who's eventually going to get the listing. Or, someone who might be able to point you in the right direction. If it is the listing agent, you can let them know to contact you when the properties are listed.
REOs are a numbers game. You need to look at a lot of REOs and make lots of offers if you want to buy one. Don't fall in love.
Thank you for the answer. I know these houses have been empty for several months. Why do these REO not get resold right away? are they asking too much money for the property?Certainly every day that these properties sit without being sold there loss of money that could have been reinvested and the property's value might decrease due to neglect?