I’ve not been happy with HUD for awhile, but I see that they’re changing hands, so it MIGHT improve. And you’re right, most free lists aren’t very good. But I believe that the HUD, VA, etc. listings are a large part of what ForeclosureWorld is selling.
There probably are better sources- I would try to buy lists of the properties that went REO from ‘regular’ courthouse hawks. Many (around here) only care about the sale at the courthouse steps, so you wouldn’t be direct competition with them.
Around here there are about 5 realtors that take the bulk of REO listings. One tack that I have tried with some success is to contact them BEFORE the property is in the MLS, and offer to take it AS IS. Once it goes into the MLS, and once the bank has thrown more $ into fixup, they seem much less likely to accept lowball offers.
Has anyone had any experience or subscribed to any of the websites that offer foreclosure listings as well as listings of properties from HUD, FDIC, GSA, FNMA, etc?
They usually require an upfront fee of $200+ and monthly access charges of $19.95.
If you have any knowledge or experience with these sites, I would like to hear from you at omni@ameritech.net. Thanks!
sharing information freely KNOWING it comes back tenfold.
In response to your question… this may save you money. go to: these addressess and look up the REO’s yourself. www.hud.gov
Those are just a few many banks today are listing their reo’s on the internet.
Pat
HUD and VA have been selling for an average 5% over value for years. Source: Kevin Meyers web site.
Ocwen has sold a few for good prices but I know of no one who got one off the site. Usually, they use those offers to shop the bid prices at their so called auctions.
You want good REO search the deed type that the lender uses to take title to the properties, here in CA it is a trustee’s deed. I get a service that sends the new ones to me daily for the county I am in. You can also get them from First American Real Estate Solutions CD or online but they are a lot slower.
Then call those banks, most have a local Realtor they work with. Call the Realtor direct next time you know who she is.