Larger banks that have REO’s usually will have REO Managers (which happens to be my profession.) When people call me with interest in properties I am managing, I immediately direct them to the listing realor/broker of that property. My thoughts are, if I am going to pay a commission to a realtor to list and sell the property, they can handle the offers coming in.
In short, if the property is not listed in the MLS and you have knowledge of it being for sale, contact the bank to ask who is listing it. They will very likely direct you to the proper contact person, because banks do not want to hang on to a dead asset.
Mortgage Lenders selling delinquent Notes/REOs - Posted by Matthew-SC
Posted by Matthew-SC on March 23, 2000 at 11:45:30:
I met with a gentleman in my town who has been successfully purchasing delinquent notes at a discount from Large institutional mortgage lenders like Conti, BankOne, Countrywide, etc. I have tried the same approach but have gotten disgusted with the replies I have received from those on the other end of the line, such as: “We don’t do that”, “We only sell packages of servicing”,“that’s illegal”, etc.
Can anyone shed some light on a better way to approach these lenders. Would anyone like to share their contacts? I am in the Upstate region of Souht Carolina and plan on looking in this area only. Thank you for your consideration.
Re: Mortgage Lenders selling delinquent Notes/REOs - Posted by Warner(ATL)
Posted by Warner(ATL) on March 24, 2000 at 03:38:58:
Hi Matthew,
I have also attempted to do this for a couple of months now with little success. The problem is getting thru to the decision maker which is extremely tough with the big institutions. You’ll find better success with the medium to small size institutions where the bureacracy is limited.