Where could I get a list of properties in my area that are already REO and how would I go about making an offer to the Bank/Lienholder for the property?
I’m wondering if some kind of search of public records or a paid website is better… any ideas or experience on this out there?
Check with your local real estate agents to see who your REO agents are.
Go directly to the websites of the lenders where they list their REO’s. They have a contact agent to deal with and how to get in touch with them. Those sites are free.
Good Afternoon Enrico,
Some real estate agents specialize in REO’s and you can contact the lenders “asset manager”, but many times there are additional costs in the property by the time it gets to this point. I have also found that many of these agents and asset managers have companies / people they are already working with and this relationship generally get’s them the better properties; not always but sometimes.
Have you considered preforeclosure or short-sales, that get’s you in front of the real esate agents and asset managers. It takes a little more work but I have found the pricing to be much better, just an idea.
Go Get’em!
Ray - Indiana