Can anyone advise me on how to get to the right person in the bank institution like B of A, WAMU, Countrywide, Wells Fargo? I need the tel.# to their REO department to inquire about their dust collecting (1 year or more) non-performing assets. Where do I get the numbers without going through all the gate keepers and phone operators? Can anyone of you pro’s share the contact#s and names or advise me on how to get them without subscribing to a servis that provides these contacts for $20/mo? I just need a few banks in one shot deal.
I’ve never heard of approaching a bank about their 1 year old non-performing assets. Maybe if you are looking at spending millions and buying a portfolio, but typically the REO’s have all been listed with Real Estate agents.
A better approach may be to find a real estate agent that will work with you to pull up all REO’s that have been sitting on the market for a certain amount of time. It may depend on the area, but I can’t imagine there are too many properties that have sat more than a year. Usually banks start dropping the price before that happens.
I am a newbie and I hooked up with some “investors” who claim that they can get discounted REO properties and offer them to some4 of their investors. They asked me to contact the REO departments of different banks. I am to ask for their 1yr or older non-performing portfolio to be faxed to me for review. I think it is weird too but they said they are experienced in this…are they? It does not sound like nothing I read in these chatrooms even though the subject of investing is very broad and creative. From what I know, REOs are the overpriced turkeys that noone wanted in this declining market and they went back to the bank for that reason…too much owed on them.
Your advise? Should I look for another investor to train me or what?
I haven’t heard of that strategy, but that doesn’t mean it not legit. It would be probably easier to try that with a local bank than a large national bank. It will be much easier to find the person(s) who handle the REO’s.
You are right, many of the REO’s are overpriced, but the banks can’t keep them for ever. It explains why they are having you look for stuff that’s a year or more old.
Maybe someone else has some info on this approach.
The thing that I have come across over and over and over and over again is that when banks take a house back and list it, they list it high WAY HIGH!!! They don’t even see the houses and think they are worth what the listing agent tells them it’s worth, which again is usually high.
The way foreclosures are blowing up though it may change soon like a lot of people have talked about recently. We bought an REO a few weeks ago that was actually priced to sell right off the bat. We made a full price offer and got our offer accepted within hours of it being listed. This may start to become the norm soon but I still see a ton of REO’s listed extremely high for the area and condition of the house.
If these “investors” claim they can get REO discounts then why the hell are they giving them to other investors??? The banks 1 year old non performing assets are called “new listings” on the mls, and like I said, mostly overpriced.