Seeking REO/Forclosure listings

[LauraAlAmery]

Just another note to this subject ... all the sources mentioned in the reply above are great leads, especially since most REO properties are listed with real estate agents or given to assets managers, who have their own real estate agents to list them. However, smaller banks and credit unions REO departments are more willing to deal with private investors before placing the properties on the market.
Check your local banks and credit unions - they are a gold mine for REOs and also preforeclosures, which many times they are willing to sell the note, instead of doing a short sale or foreclosure.

[joehughes59]

check out http://www.reolister.com

They sign you up with like a hundred or so banks in as little as week, and then the reo listings start coming your way.

[Jnazareno]

check out http://www.reolister.com

They sign you up with like a hundred or so banks in as little as week, and then the reo listings start coming your way.

Realty Trac owns the business?

[dmike101]

I used to have a huge list of REO Companies and foreclosure sites. Never really worked for me they were either already listed or the banks would talk to you and act interested then contract with someone else. I would definitely go the local bank route. Face to face is the best way to do business.

[JC RE Investor]

All great points, just wanted to share something from one of my mentors
that has helped me as far as the subject of foreclosures and REO's.

If you read the news about real estate on any type of regular
basis, then you're probably used to thinking of the lenders as
the bad guys. After all, there are predatory lending stories,
horror tales about short sales that might take years to close
and general malaise when it comes to fixing up the housing
market.

However, if you are writing off lenders, then you are writing
off a major wholesaling opportunity. Think about it: these
guys are stuck with thousands of homes that they can't sell
and that they are hesitant to even put on the market.

They're also facing a PR nightmare because they are pretty
much in control of the much-maligned and -feared "shadow market,"
all those houses that are sitting empty in foreclosure but that
haven't hit the housing market yet. What does this have to do
with you? A lot of lenders would love to sell off this inventory
in bulk if they could make it work to their advantage. And with
home prices in the toilet, "pennies on the dollar" could be
considered to their advantage. So here are some hints for working
with banks and agents to wholesale properties in today's market:



1. Look Locally First

Just as you started out wholesaling in your local area, start out
talking to small, local banks, as well as identifying who the
top REO Agents are. They are easier to work with than larger
lenders and also tend to feel the pinch of high volumes of real
estate owned (REO) properties faster.


2. Make Personal Contact

The key to working effectively with a lender on any real estate
transaction is to make a personal connection. Work hard to
establish a real, trusting relationship with the bank liaison and
top REO Agents in your market. You need them to want to keep
your paperwork with your file, to respond to you in a timely
fashion and to work for a resolution rather than just to make
you go away.


3. Be Organized

Lenders are not organized. These days, lenders are swamped.
Make multiple copies of everything you send a lender and keep
multiple copies on hand in case (and when) you have to resend it.
Document each time you provide paperwork and check in regularly
but politely on the status of any deals.


Success Action Item


If you are considering trying to buy REO properties, you need some
background before you dig in. Check out this video to get an idea of
how to locate REO properties and how to flip them effectively to see
if this opportunity is right for you.

Learn Everything You Need To Know About REOs & How To Profit from them.

====> Foreclosures and REO'S <====

JC