How do you find out if a house is owned by a bank? Do banks post what properties they have? Is there a good website to find this information? Is there a good book about buying house from the bank?
Thanks!
Most bank owned properties are listed on the MLS. The owner (on the MLS listing) will normally say “corporate owner” or something similar. It is almost pointless to contact banks directly. Properties in your home town or city are mortgaged by hundreds of thousands of banks all over the country. Call a realtor if you’re interested in REOs.
Mike
you can also start with smaller local banks. make a contact there.
Also, you can look up any bank or savings & loan at the website below. Once there you can look at the quarterly ‘call’ report schedules that they all file. Look for schedules showing items such as nonaccrual assets, past due loans, REO etc. This won’t tell you the specific property location but you can get a good idea just how many problem assets a bank has on it’s books.