Good Morning,
I’ve been doing alot of reading on REO’s. My area in Mass is becoming flooded with them. Does anyone have any advice on how I get started with contacting the lenders? What kind of information are they looking for from me? Is there a fast way of finding out the lienholders in my area. I am on the registry of deeds websites constantly, but there must be a list somewhere on the web that has already been compiled! Thanks for your time.
Micki
Most REOs are handled by a designated Realtor…otherwise, it’s like a lot of other RE —> You gotta network. Find someone that works in the REO department of the lender.
Keith
Welcome Micky,
I am in Mass as well. REO’s are properties taken by the foreclosing bank at an auction. As pointed out, these properties are listed on the market and represented by the broker. That’s your first contact, just like in a regular transaction. My understanding is that you must submit an offer to the broker, which will then discuss it with her client (in this case, the bank). I guess there won’t be any lienholders on a REO, so I am not sure what you’re looking for,
Pre-foreclosures, on the other hand, are a different story. These are properties are owed by the homeowners, who are behind on the payments. Once the notice to foreclose is filed with the registry, it is in public domain and you can get to this info. Registries in MA are slow to “record” it even though it was filed by the law firm retained by the foreclosing bank. So, generally, they are not a very reliable source of pre-foreclosures.
There are, however, several sites that let you get the listings of those, including national and regional companies. I have heard that national have “stale” listings, which seems to be the major criteria choosing the data provider. My suggestion is to Google a bunch, or call up other investors.
Personally, I have tried only one listed below. They are local (only work in MA), update every Friday and let you download entire lists of pre-foreclosures and auctions to Excel, which works great for direct marketing (also a mandatory requirements with any pre-foreclosure site in my opinion).
So, here’s the site I use: http://www.foreclosuresmass.com/welcome/A9GY112430D40F
Good luck!
You know this post is going on five years old, right?
Keith
no i did’nt realize that,