Working with Investors/Question on REOs not yet listed

Submitted by gil yanez from CA - 07/14/2010 - 1:14pm

HI

currently doing some research for an investor. They want to go after REOs, and may be interested in REOS not yet listed.

As a newbie, how do you approach such a property? Do you contact the name of the owner, in much cases a BANK out of STATE on the foreclosure radar details.

Any pointers appreciated,

g yanez in so cal

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Comments

Submitted by Michelle - 07/14/2010 - 2:27pm

Hi Gil,
Although it is possible to buy properties before they are listed it is not necessarily easy. It is going to take some tenacity and luck to reach the right people. If it is a large lender or servicer they may have "policies" that require the property to be listed before they can sell it. That said, for every rule there seems to be an exception. You would contact the foreclosing lender and first try to get to the REO department. If you have contacts with that lender you will want to use them. In a case where the trustees deed shows Fannie or Freddie now owns the property you can go to homepath.com or homesteps.com for additional information. We have heard that Fannie will consider offers prior to listing the property.
Although it is extremely difficult I know of properties in my neighborhood that resold before being listed so I never want to say it is impossible.

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