Can anyone advise me on how to get to the right person in the bank institution like B of A, WAMU, Countrywide, Wells Fargo? I need the tel.# to their REO department to inquire about their dust collecting (1 year or more) non-performing assets. Where do I get the numbers without going through all the gate keepers and phone operators? Can anyone of you pro’s share the contact#s and names or advise me on how to get them without subscribing to a servis that provides these contacts for $20/mo? I just need a few banks in one shot deal.
Thanks a $$multimillion$$ to all who advise/help.
I’m a newbie too, but I have made enough calls to share answers to your question. :bobble
WAMU uses four asset manager companies… Each property could be with any one of the four. If you have a specific property address, then call all four. If not, WAMU is only going to refer you to the four websites. Wells Fargo uses an external asset manager company as well. Countrywide is ahead of the game with a website. All you have to do is Google: Countrywide REO. All of the properties are listed by City with the names of the REO Real Estate Agents. Then there is www.buybankhomes.com. The specific financial institution is not indicated, but the RE Agents are. What you’ll find is that several of them represent several banks. Everyone I have called has been very cordial.
The problem I’ve encountered is that these RE Agents must make effort to get ‘FMV’ in order to keep their reputations intact with the banks. My position is that the bubble has burst, so FMV per last year or earlier is not even relevant. Good luck with getting past that! Asking prices have collapsed by $30,000.00, but if I had offered that the RE Agent would have freaked. I’ve just received guidance on this issue which I can only share via your PM to me.
I don’t mind admitting that I’m still working to get the bell to ring in HSBC and GM etc.
Hope this helps.
Banks will not deal with just anyone regarding REOs. They would prefer to list them or engage experienced investors.
On a side note, for beginners, REOs are not the best use of your time.