How do you find REO's? - Posted by Mike

Posted by David Butler America’s Note Network on February 09, 2000 at 19:50:13:

Hey Mike,

The way I’ve primarily done it is to track public notices in the newspaper starting with Notice of Defaults and setting up tickler file. These notices give foreclosing lender, and trustee information. I follow through on Notice of Trustee Sale to focus on properties that have not been cured.

Day or two after scheduled sale date, I call the trustee, or the lender if their number is listed, to learn if the lender got the property back, and if so, to set up the offer negotiation process.

Another source I use is subscribing to a local legal newspaper because they generally have a broader number of default and trustee sale notices. Same follow up procedure. Hope this helps.

David Butler Vice President, Broker Relations

How do you find REO’s? - Posted by Mike

Posted by Mike on February 09, 2000 at 19:28:45:

Hello everyone, I just finished my CS course and I started my first day of calling sellers… I also stopped by my bank and asked about REO property for sale. The lady I talked to said that she had no access to this information. (This was Bank of America) She said that I had to look in the paper to find them. Is this so? There was an add for finding forclosed homes, but after calling the 1-800 number, they wanted $70 to send me a listing. Is this the only source? Thanks in advance.

Re: How do you find REO’s? - Posted by FrankPghPA

Posted by FrankPghPA on February 10, 2000 at 06:30:43:

Mike… I have been using a Realtor for years. Check the “Money Making Ideas” section, “How To Find Agents To Work With You.” Others have used this letter successfuly by “Snail Mail,” FAX, E-mail, and when talking with Realtors “face-to-face.” One slight change, you can delete the part about “…10% below market value…” Don’t really eed that.
For more info on how I buy REO’s, just e-mail me.
Good Hunting…