If you have access to the public record and know a house is bank owned, how would do you find the bank, find the right person at the bank to speak with and submit an offer to purchase the property?
More than likely Sasha the property is assigned already assigned to an reo real estate agent. If the property is in the town nearby by drive by the address and look for an agent sign then you will know who to call. If your in the state of Alabama I could help you out on finding that info. Or you could befriend an agent and ask them to look up the address or go to sites like trulia should help. I’m a newbie so hope this little bit of info would help. And anyone reading this if I’m wrong please correct me.
Unless your buying bulk, you will be buying them via the MLS (multiple Listing Service). Don’t just look for REO’s. Target areas, then know values for that area by square footage and know what the ARV is for each range of size - have an agent create a “search” for you on the MLS. Most MLS databases can automate the search so you don’t have to wait on the agent to continually look for you, the search runs and emails you links to the DEALS - something already priced right for you to offer on. If you go this route you’ll also have estates, trashed rentals and anything else that’s cheap show up and you don’t have to look at a ton of houses, only the ones ready for a low offer.
When you get some experience build relationships with the REO listing agents - after a while you’ll see who gets consistent listings.
In the meantime if you’re looking for one specific property - look on the tax rolls to see which bank owns it, and then see any other properties that bank owns on the tax rolls and back into a listing on another property to see who lists them. If no luck there, just google the lenders name + REO and you should see the lenders listings in your area and see what agents have them listed and contact them.
Thank you - that helps me a lot.
Sarah
Thank you Michael. That helps me a lot. Thanks again. Nick Brian.