Posted by Sue(NC) on May 28, 1999 at 20:01:32:
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.