REO...who should I contact? - Posted by Talia (NY)

Posted by Nate(DC) on February 15, 2002 at 24:53:18:

I’d start with the bank, and they’ll refer you to the Realtor that’s going to list the property for them, most likely…at least in this area the attorney would have handled only the foreclosure sale and would have no info about selling it as an REO.


REO…who should I contact? - Posted by Talia (NY)

Posted by Talia (NY) on February 14, 2002 at 23:51:41:

I found an REO and on record the bank took back the house for about $109,000…now I am still comping the area.

Should I decide it’s a good SFH to make an offer on, should I send a letter to the bank who now owns it (out-of-state) or their attorney of record (in-state, but hours away from where the house actually stands)? Or should I send a letter to the bank AND their attorney?

Thanks for your help. This site is VERY informative!
God bless!


Re: REO…who should I contact? - Posted by Tim

Posted by Tim on February 15, 2002 at 17:45:26:

I about to just close a deal identical to this one. But I contacted the attorneys who were representing the lender because it was not listed yet on the MLS. The attorneys requested a letter of proof of funds and told me they would send it to the lender, and if the lender was interested in selling they would get in touch with me with their asking price. I got a call two days later with their asking price which was way below FMV and I will be closing next week! this was my first deal too. Then just today I got a call from my buyers agent who told me I got another offer accepted on a REO I had been working on for 3-4 months. I couldn’t believe it. Now my problem is how to buy both houses! Both were below 20% FMV after repairs. So you see it just depends how the property is being handled , you can sometimes beat out the competition by making an offer before it hits the real estate market (MLS). If you have any questions please feel free to write me.

Re: REO…who should I contact? - Posted by Kristine-CA

Posted by Kristine-CA on February 15, 2002 at 10:57:18:

Talia: to save yourself some trouble calling the bank, especially if it is a large corporate bank, I would call a RE agent and asked if it’s listed on the MLS yet. If it is not listed, then by all means call the bank and find out what the story is. But chances are pretty high that it is listed or soon to be listed. Sincerely, Kristine