It looks like some of you are finding great deals through the banks. Do you contact the banks directly or is there some other resource, such as a website or magazine, that lists bank owned properties. I’ve been checking my local MLS every day but there never seems to be any excellent deals. I’m getting frustrated.
I’m not a seasoned investor, but I’ve been able to find some deals on the mls. It takes time to find them and a waiting game, but they do show up occasionally.
Here is a list I keep. not saying I use it to invest, but I have it.
National Bank REO’s:
Bank of America
Beal Bank
Branch Banking & Trust (BBT&T)
CitiMortgage
Compass Bank
Countrywide
Downey Savings & Loan
Freemont Investment & Loan
GreenPoint Financial
GRP Financial Services Corp
Home Loan Investment Bank
HSBC
IndyMac Bank
IAS
M&T Bank
Ocwen Financial Corporation
People’s Bank
US Home Mortgage
Wilshire Credit Corporation
If you know contact info for others, that would be great if you would add it here.
http://www.thedirectoriescompany.com/reos.htm
Try this one. I dont’ know how much overlap there is, but this link gives you alot of options!
~joshua
Use a good realtor. Find a young newbie looking to build a referral list. If they’re good, they’ll work their butt off regardless of sale price.
p.s. the bank pays their commission, why not utilize someone to do your legwork?
I agree on the realtor. A good one can do searches for you specifically for REO properties. Save you some time that way.
Some real estate brokers also specialize in bank owned properties, you just need to dig a little bit.