I want to know how to find out the properties that HM lenders have taken back from those that default on their loans. I am hoping to pick up these properties, which are said to be renovated.
Is it correct to say that most of these lenders unload the properties with the objective of just recouping the money lent?
Yes, but that doesn’t mean we just dump them willy nilly. Just like any lender who has REO, we hire a Realtor who markets the property and sells at the best price available.
You won’t get any better deal on them than any other bank owned property.
If anything, I would say HML’s would tend to be smarter and more careful about disposing of REO than a typical bank.
Call a few and see what they tell you.
Do most HML’s list the properties they have for sale on a website or is it basically call and ask?
no idea.
All HML are different. Some run large HML companies while others are local investors will to invest 300K to 1mil in the local market depending on there bankroll. Local guy can generally be found on craigslist. I check in finance section and do search for them. Start calling, either you get a yes or no