REO Department - Posted by Mark (MI)


#1

Posted by Redline on December 04, 1998 at 18:24:40:

Doesn’t surprise me. My limited experience with bankers has led me to believe they are largely imcompetant and do NOT view REO’s as necessarily a bad thing. Chance are, you sounded new and you were not an investor/realtor they normally deal with so they don’t care.

Just call, be brief, and ask for a current list of foreclosures either mailed or faxed to you. That may give you a good start.

RL


#2

REO Department - Posted by Mark (MI)

Posted by Mark (MI) on December 04, 1998 at 14:57:20:

Has anyone ever dealt with the Ocwen Bank REO department? If so, what experiences have you had with them? It seems that they don’t like to talk with people. The guy I spoke with who handles Michigan REO’s just brushed me off and said that I would have to call back and basically hung up on me. Thanks…


#3

Re: Ocwen - Posted by Tim Pannabecker

Posted by Tim Pannabecker on December 05, 1998 at 07:19:08:

Mark,

In my area Ocwen utilizes local brokers and auctions to liquidate their properties. Ocwen buys many default loan portfolios very cheap, but like the other institutions selling REOs they will seek top dollar in a good market. I would ask if a local broker is handling their REOs or if they plan to auction.

Good Luck

Tim