Foreclosure Website question - Posted by Tom (AL)

Posted by Tom-FL on July 04, 2003 at 15:12:52:

Call the number on the “No Tresspassing” sign. It probably won’t be the bank, but could be the listing office, or property management outfit.

Foreclosure Website question - Posted by Tom (AL)

Posted by Tom (AL) on July 04, 2003 at 09:44:03:

I recently subscribed to a foreclosure website. I found houses which are REO’s. I got the addresses, looked at the houses and they are vacant but have no bank info on them. Also when I met with my agent to make offers on the houses they are not yet listed on the MLS.
The properties are listed as REO’s on the website.
Is it possible to make offers on these properties before they hit the MLS, or do I simply have to wait?
What steps should I now take?
Any advice is very much appreciated.


Tom (AL)

Re: Foreclosure Website question - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 04, 2003 at 11:01:50:


Go to your assessor’s office and look up who the owner is in the assessment roll. If it is the bank, well and good. If it is still the old owner, get that old owner’s name and go to the county land records–ususally the recorder or the clerk–and look for a recent deed away from that owner. If there is no deed, look for other documents recently recorded in the name of that owner, they will probably relate to the foreclosure action. Then you can look at those documents and see what bank was doing the foreclosure.

If you are in a judicial foreclosure state–unknown since you don’t say where you are–you can look up the owners name in the foreclosure lawsuits in the courthouse and there you will see the information about the lender and the attorneys handling the case.

Now, a lot of properties that are foreclosed upon are FHA-insured or VA guaranteed and the lenders do not sell those. They turn them over to HUD or the VA and they do the sales in their own styles. Those sales will be listed with brokers and will show up on their websites, where, for free, you can see HUD and VA repos.

Depending upon where you live, there may not be many bargains to be had with REO properties. If the market is slow, there may be some good deals. Don’t expect every REO to be a bargain, just a somewhat higher percent than with standard MLS listed properties.

Good InvestingRon Starr

?No Bank Information?? - Posted by Randy

Posted by Randy on July 04, 2003 at 09:58:34:

You say there is ?No Bank Information?? Is there any contact information? Ideally you want to contact that source before they are listed in the MLS (save the realtor commission), but if there is no contact info? guess you just have to wait. But I?m curious what web site you?re subscribed to. With no contact info, seems pretty worthless.