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Finding REO Listings - Bank Owned Property?
Posted on 3/11/19 at 4:58 pm
Posted on 3/11/19 at 4:58 pm
What is a good online service for REO listings? REO used to be a term for a bank's portfolio of bank owned foreclosures, not sure what they call it now.
Does the paid premium subscription to Zillow unlock this?
Are there better resources?
Will banks deal directly with a buyer without an agent?
Does the paid premium subscription to Zillow unlock this?
Are there better resources?
Will banks deal directly with a buyer without an agent?
4
Posted on 3/11/19 at 5:36 pm to deeprig9
Do you have cash to buy properties that won't qualify for traditional financing?
What I've found, and I'm just experienced but not a pro and I've been somewhat out the past year or so, is that generally banks will have certain brokers they use for general areas. So for instance, BofA will likely have one Broker they use for any foreclosures in the New Orleans Area. Many of these particular Brokers may have hustled to make contacts with multiple banks.
So, you gotta go to those particular Brokers and let them know you are an investor with cash or the ability to buy.
You need to know those Brokers usually hustle and don't want to deal with a slap dick rookie trying to put down 10% on a 2nd rental. They want a seasoned buyer looking to walk the property once, make an offer, close, and move on. They likely have multiple investors they work with already, so they aren't looking to train up someone. If you have money they'll likely be interested as not every investor is ready to buy all the time and every property.
These brokers are pretty easy to find, simply do a MLS search for foreclosures and look who the listing agents are. Chances are, you'll find the same names listed. That's for a reason...
What I've found, and I'm just experienced but not a pro and I've been somewhat out the past year or so, is that generally banks will have certain brokers they use for general areas. So for instance, BofA will likely have one Broker they use for any foreclosures in the New Orleans Area. Many of these particular Brokers may have hustled to make contacts with multiple banks.
So, you gotta go to those particular Brokers and let them know you are an investor with cash or the ability to buy.
You need to know those Brokers usually hustle and don't want to deal with a slap dick rookie trying to put down 10% on a 2nd rental. They want a seasoned buyer looking to walk the property once, make an offer, close, and move on. They likely have multiple investors they work with already, so they aren't looking to train up someone. If you have money they'll likely be interested as not every investor is ready to buy all the time and every property.
These brokers are pretty easy to find, simply do a MLS search for foreclosures and look who the listing agents are. Chances are, you'll find the same names listed. That's for a reason...
This post was edited on 3/11/19 at 5:38 pm
Posted on 3/11/19 at 5:55 pm to baldona
Excellent insight, thanks.
I have cash, but I'd rather not lay it all out like that. I could definitely do 20% down investment property loan conventional, if those are still a thing.
I have cash, but I'd rather not lay it all out like that. I could definitely do 20% down investment property loan conventional, if those are still a thing.
Posted on 3/11/19 at 9:12 pm to deeprig9
quote:
I could definitely do 20% down investment property loan conventional
Unfortunately, That’s not gonna get you in the front of the line for the good properties. The brokers love cash offers because they move quick and so much less hassle.
Posted on 3/11/19 at 9:25 pm to ynlvr
Yeah, you just need to look at it from their perspective. The bankers use the brokers because they know and move the product, and the brokers help out the investors that know and move their product.
Its one thing to do 25% if you have done a couple of deals with the broker, but to start off you need to know they aren't exactly going to help you out with that. One of the reasons is that the banker is the one that agrees to the deal, a 25% down payment with a bank loan is by no means a done deal on foreclosures.
A LOT of foreclosures have inspection issues, with a cash deal its like a couple extra $1000 not a big deal. With a loan, its a potential deal killer.
ETA: this can get to be the wild wild west of this side of the business. Shady crap happens daily. Everyone just wants the product moved. So just saying, be prepared.
Its one thing to do 25% if you have done a couple of deals with the broker, but to start off you need to know they aren't exactly going to help you out with that. One of the reasons is that the banker is the one that agrees to the deal, a 25% down payment with a bank loan is by no means a done deal on foreclosures.
A LOT of foreclosures have inspection issues, with a cash deal its like a couple extra $1000 not a big deal. With a loan, its a potential deal killer.
ETA: this can get to be the wild wild west of this side of the business. Shady crap happens daily. Everyone just wants the product moved. So just saying, be prepared.
This post was edited on 3/11/19 at 9:27 pm
Posted on 3/11/19 at 9:32 pm to deeprig9
quote:
I have cash, but I'd rather not lay it all out like that. I could definitely do 20% down investment property loan conventional, if those are still a thing.
Re-finances are higher rates than the purchase, which sucks. But sometimes that is the art of closing the deal. What most investors do is they will buy with cash and then immediately refinance. Just something to think about.
Posted on 3/11/19 at 9:51 pm to deeprig9
quote:
REO used to be a term
it still is
REAL
ESTATE
OWNED
quote:
not sure what they call it now.
same thing man
Posted on 3/11/19 at 10:00 pm to deeprig9
quote:
I have cash, but I'd rather not lay it all out like that.
then avoid auctions also.
Posted on 3/11/19 at 11:30 pm to Fat Bastard
Oreo
Posted on 3/12/19 at 2:35 pm to Hermit Crab
One technique is to pay cash to close the transaction.
Then, take out a mortgage on the property to get some of the investment back out.
Then, take out a mortgage on the property to get some of the investment back out.
Posted on 3/12/19 at 2:36 pm to ItzMe1972
quote:
One technique is to pay cash to close the transaction.
Then, take out a mortgage on the property to get some of the investment back out.
This will eventually be the goal. Just gotta keep trucking along.
Posted on 3/12/19 at 2:41 pm to deeprig9
To the OP.
Any agent will have access to foreclosures listed with the MLS. These are bank owned properties.
The Zillow data that I've come across is stale as moldy bread.
Any agent will have access to foreclosures listed with the MLS. These are bank owned properties.
The Zillow data that I've come across is stale as moldy bread.
Posted on 3/13/19 at 11:16 am to baldona
quote:
Yeah, you just need to look at it from their perspective. The bankers use the brokers because they know and move the product, and the brokers help out the investors that know and move their product.
Its one thing to do 25% if you have done a couple of deals with the broker, but to start off you need to know they aren't exactly going to help you out with that. One of the reasons is that the banker is the one that agrees to the deal, a 25% down payment with a bank loan is by no means a done deal on foreclosures.
A LOT of foreclosures have inspection issues, with a cash deal its like a couple extra $1000 not a big deal. With a loan, its a potential deal killer.
ETA: this can get to be the wild wild west of this side of the business. Shady crap happens daily. Everyone just wants the product moved. So just saying, be prepared.
What if the property has been on the market for a year? Then is the broker more willing to deal with a schmuck like me?
Posted on 3/13/19 at 11:25 am to deeprig9
A lot of bad info in this thread
I am away on business right now but next week when I get back I will gladly take some time to assist more, OP.
For what it's worth, I have been in the REO industry for nearly 20 years. I used to list REO properties as a Realtor and flipped plenty myself and now I own an asset management company that manages REO inventory for clients in numerous states.
Quick answer:
Check local classified for legal notices of upcoming sheriff sales. Some sheriff departments will send you a weekly list of what they have and others have websites of what's coming up like this one. You can also possibly see if your county has a legal news you can subscribe to. I do two here and every week you can see who is served notice of foreclosure. You can also see who is getting divorced or sued if you like being a nosy old lady
You can check Auction.com and Xome.com for REO listings as well. Most local Realtor associations will have a handful of Realtors that list all the REO properties once they go REO (there are various stages of the foreclosure process) because most management companies and REO departments will have a preference of who they deal with but if it's a smoking deal don't expect to get it unless you have cash and are tight with those REO agents.
I am away on business right now but next week when I get back I will gladly take some time to assist more, OP.
For what it's worth, I have been in the REO industry for nearly 20 years. I used to list REO properties as a Realtor and flipped plenty myself and now I own an asset management company that manages REO inventory for clients in numerous states.
Quick answer:
Check local classified for legal notices of upcoming sheriff sales. Some sheriff departments will send you a weekly list of what they have and others have websites of what's coming up like this one. You can also possibly see if your county has a legal news you can subscribe to. I do two here and every week you can see who is served notice of foreclosure. You can also see who is getting divorced or sued if you like being a nosy old lady
You can check Auction.com and Xome.com for REO listings as well. Most local Realtor associations will have a handful of Realtors that list all the REO properties once they go REO (there are various stages of the foreclosure process) because most management companies and REO departments will have a preference of who they deal with but if it's a smoking deal don't expect to get it unless you have cash and are tight with those REO agents.
Posted on 3/13/19 at 11:28 am to baldona
quote:
A LOT of foreclosures have inspection issues
Very true. They are sold as is and chances are, unless it was conveyed back to FHA, HUD, etc it is going to have major issues.
FHA, HUD, etc have a conveyance standard banks have to meet to convey the house to them. If those standards aren't met then the bank has to deal with it on the REO side and they will just dump it as is and not fix hardly anything.
Posted on 3/13/19 at 11:38 am to stout
quote:
I used to list REO properties as a Realtor and flipped plenty myself
Years ago when I first looked into this around the Athens area, this is exactly what i found. All the local realtors snapped up the good deals at the earliest possible stage, I even hired and fired two realtors after they were getting out-maneuvered by the other more savvy local realtors.
Posted on 3/13/19 at 1:39 pm to stout
Maybe off topic a little but sounds like you may be able to help with a question.
Over the past few weeks, I've started getting a few texts/voice mails from random people asking to speak with me about my house, even mentioning the address. That they can pay cash, etc.
I just googled my address and found it on auction.com (one is scheduled for early April on my property) and also on trulia. There are no issues with our mortgage although my wife is calling just to confirm. What causes this and anything to be worried about?
Over the past few weeks, I've started getting a few texts/voice mails from random people asking to speak with me about my house, even mentioning the address. That they can pay cash, etc.
I just googled my address and found it on auction.com (one is scheduled for early April on my property) and also on trulia. There are no issues with our mortgage although my wife is calling just to confirm. What causes this and anything to be worried about?
Posted on 3/13/19 at 1:48 pm to litenin
quote:
What causes this and anything to be worried about?
Banks make mistakes. I have seen them foreclose on the wrong properties. I would make sure and do your due diligence and get it all in writing that all is good with your mortgage.
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