R.E.O. Is it my area? - Posted by Jim[Alaska]

Real Estate Investing
1

Posted by Jim[Alaska] on February 04, 2000 at 22:32:44:

Thanks for your prompt response. I will try what you have outlined, but think you may have missed my point. My point was that the paper is literally “sold” to these larger institutions. If there is a default, the property does not go to the bank, but rather to the larger institution that bought the paper.The banks I visited told me that they do not have REO property for this reason.

Jim

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R.E.O. Is it my area? - Posted by Jim[Alaska]

Posted by Jim[Alaska] on February 04, 2000 at 21:23:33:

Hi, this is my first post on this forum. I am having trouble finding REO property. The banks I visit all sell their mortgages to other larger institutions. Here in Alaska, it is Alaska housing finance authority that holds most of the paper. It seems like all REO property is out of the reach of the private investor.Is this peculiar to Alaska? I keep reading about getting REO lists from the banks, is this information outdated?

Jim

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Thanks for all the great info. :slight_smile: n/t - Posted by Jim[Alaska]

Posted by Jim[Alaska] on February 05, 2000 at 16:20:30:

n/t

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Re: R.E.O. Is it my area? - Posted by Chris

Posted by Chris on February 05, 2000 at 10:49:57:

Jim- It looks like the AHFC disposes of property in various ways, one of them is the use of brokers. You may want to look at the AHFC website. They have properties listed on the page I have provided below if that will help. Interestingly they also have mobile homes.

http://www.ahfc.state.ak.us/Department_Files/Mortgage/Servicing/Homes_Mobile_Homes_for_Sale.htm

-Hope this helps, Chris

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Re: R.E.O. Is it my area? - Posted by Rob FL

Posted by Rob FL on February 05, 2000 at 08:45:33:

Here is a website for government REOs. Hopefully this will help some.

http://www.hud.gov/homesale.html

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You NEED to talk to SCOTT - Posted by Steve

Posted by Steve on February 05, 2000 at 08:13:22:

Chris,

You should post another one (Listing) Asking Scott from Alask to contact you. He is in the Army up there and as been pretty successful. In fact he has posted some success articles. Give them a look. He is on quit often and he is a good guy.

keep the faith
Steve

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Re: R.E.O. Is it my area? - Posted by Chris

Posted by Chris on February 04, 2000 at 21:56:45:

Jim-

Give a local realtor a call and ask for some information on REO property. Many banks have a Realtor do the selling instead of dealing with it in house. You may have to make a few calls until you find the right brokerage.

-Good Luck, Chris