Purchasing a REO

Submitted by avpwdjd from NM - 11/26/2008 - 1:19pm

I am moving to CA in the next 45-60 days. I would like to purchase a home in Riverside County. How can I find REO properties which are ready to be offered by the bank, but have not yet made it to the MLS listings?

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Comments

Submitted by Sean - 11/27/2008 - 1:49am

That is our specialty. ForeclosureRadar.com adds new bank owned properties to the site typically within a few hours of the auction being held, and typically 60-120 days before they are listed in the MLS.

Submitted by Anonymous - 04/14/2009 - 10:53pm

Hi Sean;
Can I call you with a few questions and spend a few minutes with you on the phone? I have read a number of you comments and I have more questions than this forum may want to see. You can contact meat (949) 310-1999.
 
Thank you

Submitted by dan77222 - 06/21/2009 - 12:42am

Sean
Did you meant Banks will let you list their properties within a few hours after the trustee's sale?

Submitted by Sean - 06/23/2009 - 11:54pm

No. We simply post that the bank took the property back at auction. I have heard of some getting listed the same day, but the listing is normally assigned in the days following the sale.

Submitted by Anonymous - 07/16/2009 - 8:41pm

Once you've found a house that is bank owned and not on the MLS, how do you approach the bank? I found one that is owned by a smaller company in Houston (home in California.) They do not want to divulge any information untill it goes on the MLS.
 
Thanks

Submitted by Sean - 07/19/2009 - 10:11pm

Banks are rarely willing to sell direct to home buyers. Though it costs them a commission there are some real benefits for them to use a local Realtor:
1. Better chance of getting market value.
2. Realtor completes required local disclosures
3. Realtor has E&O insurance in case buyer sues later
and more.
 
To have any chance of getting the bank to sell your offer should clearly mitigate these issues to have a chance.

Submitted by ft - 10/02/2009 - 3:15am

I do not understand the point of these kind of sites. I wish someone can explain it to me ... if you can not but the foreclosed property until it hits the MLS anyways, than why pay for a list of homes that will eventually be foreclosed but you can not buy them until they hit the MLS

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