I am new to REI and was wondering if there is any way to approach banks directly for the list of properties that they owned? How do I do that? Would the talk to me at all if I am not an agent?
Please share your thoughts/experience.
Since most REO properties are sold through an agent, I would think the easiest way to find REO properties would be to contact an agent your area that deals with REO properties. If you’re looking for specific REOs, you might want to try their website. (For instance, Ocwen handles VA foreclosures so to find them you can go to www.ocwen.com). Good luck.
Not necessarily not all REO need to be handled by a Realtor agent you can always call the bank and ask for the person that is in charge of this department and speak with them personally. You can always cut out the middle man and do it yourself. It is always good however to establish a good rapport to whom authorizes these types of transactions. Good Luck!
Have you had a lot of success calling banks directly and asking to speak to the person in charge of the REO department? So many lenders have asset management companies that handle the sale of their REO properties, I’m very curious if calling a lender gets you what you are looking for.
Star 1,
I think your incorrect when you state that you can talk to the bank directly and then ‘cut out the middleman’. Banks won’t do that if they have signed an exclusive right to sell contract with an agent/broker. Even if the agent doesn’t find the buyer and the bank does the stipulations set forth in that type of contract still state that the agent has earned a commission.
Yes your right assuming the Banks don’t have a signed exclusive right to sell contract with an agent/broker.
I have found that the best thing to do is contact local lenders or locally owned banks, you know, the little “maw and paw” ones. The usually have one or two preforeclosures they may be willing to get rid of.
Most larger banks contract out too agents and now they sell them for market value so not only do they get what was owed on them back but they also make a nice chunk of change, which I believe is kinda crooked. :-\
Find an agent that deals in Bank Owned or HUD listings. The agents have access to MLS and you don’t. The banks and HUD always list with an agent and always have the property on the MLS.
The best approach is to build a relationship with the agent that the bank deals with and have them sell it to you before they list it on the mls.
This takes time and you have to close a lot of loans with them.