Finding REO Properties

I found a property that has been sitting there for a while. The property is in good condition. I went to the court house to see who own the property. It stated that the bank foreclosed on it. I am trying to contact the bank by phone because the bank is in another state. The bank keep referring me to a web site but the property is not listed there. Do anyone know how to get in tough with the owner of a property like this or contact a bank to speak with a person.

See if you can hunt down the Real Estate Agent who is listing the properties for that bank and contact them. The agent may be able to answer your questions.

The property is not list under a real estate agent.

Chances are the that property is being grouped with several others, possbly thousands of others, for a Bulk Sale. This may be the reason its not on the MLS.

I am not really quite sure how the banks decide which property will be listed and which with go towards there Bulk packages but I know this does happen.

How did you find out about this property?

Typically what this means is that the house is in “transition”. The bank took it back cause it didn’t sell at sheriffs sale. Now they are getting their ducks in a row to list it with a realtor. Some banks are slower than others. Typically (and I’m using that word loosely) I see 3-4 weeks after the sheriffs sale then the house pops up on the MLS.

Again…it could be longer or shorter. I’ve seen them go both ways. Keep good tabs on it cause if it comes out at a good price you may have a deal.

Good luck,