I like to ask if someone has a list of Pre-Foreclosure/Foreclosure in the DC, MD, and VA area. Any tip would be nice.
Regards
I used to be in banking… I know there is a bank in your area. Can’t tell you the name, but it’s the good sized bank that caters to the consumer and probably has offices in one or more counties. These are the “guys” who make the mortgages in the first place and the bank that might hold some mortgages rather than selling all of them on the secondary market - hud, fannie mae, etc. or, they retain the servicing of mortgages. (Not the big money center bank that you can find in every state - you know the names - Chase, Bank of America, and not the tiny bank with just a branch or two or five!)
Use the following jargon when you call: Ask for the “Real Estate Owned Desk” “Other Real Estate Owned Officer” or “Workout Officer” - DO NOT use the sentence: I want to buy a foreclosure. When you reach the person, ask for their “list of non-performing assets” also ask: if possible, can you note the aging of the assets. (You are looking for foreclosures they have held for nearly 6 months because those are the assets they are most anxious to get rid of.)
Recall if you will the S&L crisis of the early 90’s. The FDIC watches not only how many foreclosures a bank has, but also how long they are on the books. - 3-6 months triggers red flags with Bank Auditors. The bank’s know this and will wheel and deal on the foreclosures they have held in this time frame. They will be delighted to have you help to make these assets perform once again!
Good luck, sorry to be so long winded.
Great information. VickyS. I’m dying to know the name of the bank though. 
The name of the bank is whatever bank(s) is in your area that does a volume of mortgages and even if they sell off their mortgages they retain the servicing. Most likely, it is not a major bank, nor is it a bank with only a few offices.
I can’t tell you the name of the bank. - I don’t know your area. I am giving you the characteristics of the bank that I think is your best chance of having a large foreclosure list.
Then, when you speak to the appropriate person (as described in my earlier post) if the list does not indicate when the property was taken back into their inventory of non performing assets, ask. You are looking for the one’s they have held for around 6 months (or even longer) as those are the ones they will most want to get rid of!
Thanks for your valuable comments…