I handle many REO's in my area and Asset managers often handle pre-foreclosure valuations and inspections for the lender.  After a foreclosure is completed, they will coordinate with a local real estate agent to get the property listed and sold.

but I sometimes think these lenders have no clue.  Many times these asset managers hire Field service companies (sometimes from over 300 miles away) to rekey, to Trash out, to winterize these properties...what a cost it is....and it trickles down to all of us.

I have worked with several foreclosures and many of the asset managers below and I know the ones I like to work with and the ones I dread working with, some I won't even take the listing anymore...with the asset managers getting part of OUR listing commission...one of the companies asking for 47% of the listing commission...  When they hire us as Realtors then the Asset manager expects us to put all utilities in our name, pay all Bills, old bills included...and then you have to put in for reimbursement ... sometimes it takes months to get reimbursed...if reimbursements are not submitted right, you won't get reimbursed at all...  (gees I hate paying my OWN bills, it is really NO FUN paying bills for these foreclosures, and to top it off, there is NO compensation for the extra work, and BELIEVE me it is a lot of EXTRA WORK  :-( one good thing of it is ...I also sell several of the REO's I list /manage)  I have recently heard of a software that will help me manage the REO's and the billings...I have yet to check it out...but when I get a moment I will!

Another good thing is the Lenders usually price the properties at Fair Market Value...and they are motivated sellers.. realistic to the market, and able to adjust to the current everchanging market.

There is NO rhythm or Reason to what happens with these foreclosures...  But they will keep you busy and they are definatley going to be part of your market ... so if you feel like handling some of them check out the links below to get yourself set up to HELP...Good Luck!

Asset Manager Lists

Asset managers often handle pre-foreclosure valuations and inspections for the lender.  After a foreclosure is completed, they will coordinate with a local real estate agent to get the property listed and sold.

HMB INC.
HMB manages and markets HUD properties in Alaska, Idaho, Illinois, Indiana, North Carolina, Oregon, South Carolina, Virginia, Washington and West Virginia

HORIZON MANAGEMENT SERVICES
National database of homes for sale, select by state. Not all states have listings, you just have to check the sates you are interested in.

INTEGRATED ASSET SERVICES
Property in Alabama, Arkansas, Colorado, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri
They've also gone to a drop-down list of all the states, then you have to select by city.

KEYSTONE ASSET MANAGEMENT
Real Estate for sale in Alabama, Georgia, New York, Ohio, Pennsylvania. Other states are also available, just search for the state you'd like. Pick the state, city, or zip code, then click the "Find A Home" button.

LENDERS ASSET MANAGEMENT CORP.
Various states with houses for sale, search for the ones that interest you. Thankfully, they only list states where they have property instead of the whole US. Select the state, then click "Find".

LPS ASSET MANAGEMENT
National list with foreclosures in all the states checked.
Contributed by Rae

REO SOURCE
Nationwide  - Search by state or zip code
A full United States drop down list, but most states did have property listed

PREMIERE ASSET SERVICES
This is Wells Fargo asset manager.
There's a "Property Search" link on the left side of the page.  They have a CAPTCHA to access the property listings that is very sensitive.  Letter case is important.

SECURITY NATIONAL FORECLOSURE LISTINGS
They state there are over 1000 properties nationwide

Bank Owned - Foreclosed Homes

The following links contain property owned by that institution. Most lenders do not restrict their loans to a local geographic area, so you'll find most of the properties spread out throughout at least several states.

AMERICA TAX FUNDING
Not really a bank, they have tax certificate foreclosed property 

NATIONAL BANK OF ARIZONA HOMES FOR SALE
Property owned by National Bank of Arizona

BANK OF AMERICA FORECLOSURES
One of the largest lenders in the US, you can search for residential or commercial.   They do list how many properties are in each state, making the search easier.

BEAL BANK FORECLOSURE LISTINGS
Beal Commercial Properties - Haven't seen a whole lot of commercial property listed, but they always seem to have at least 10 or so.

BRANCH BANKING & TRUST
Searchable List of States

CAROLINA FIRST
Bank owned property in North Carolina, South Carolina and Florida

CHASE OWNED PROPERTIES
Select Chase homes by state

CITIMORTGAGE - CITIBANK OWNED PROPERTIES
Searchable by state and property type

COMPASS BANK HOMES FOR SALE
Foreclosed property listed mostly in Alabama and Texas, some New Mexico and Colorado

COUNTRYWIDE FORECLOSURES
The largest independent home loan originator, now owned by Bank of America, they have listings throughout the United States.

DOWNEY SAVINGS & LOAN
Downey Savings is regional, based in Southern California, but they now have listings in various states throughout the US, most property is still in California

FIFTH THIRD BANK
Michigan and Florida have the most properties.

FIRST FEDERAL BANK OF CALIFORNIA
You can probably guess it's California foreclosed homes.

FIRST NATIONAL BANK OF ALASKA
Alaska properties - not a whole lot

CAPMARK - PREVIOUSLY WAS GMAC COMMERCIAL MORTGAGE
Commercial properties throughout the U.S.

GRP FINANCIAL SERVICES
They have a nice feature where states with property are colored blue, and the number of properties listed in that state appears on the map.

HOME LOAN BANK
Wisconsin, Michigan, Pennsylvania, New York, Maine, Texas

HSBC HOMES FOR SALE
Search HSBC foreclosures by state

HSBC COMMERCIAL
Did not see a whole lot of properties available

INDYMAC FORECLOSURES
Many states listed, they also have a lot of manufactured housing listed.

LEXINGTON STATE BANK
Small list of NC properties, scroll down and click "I accept"

MANUFACTURERS & TRADERS TRUST
Not huge amounts of property available

NEW SOUTH FEDERAL BANK
Alabama, Louisiana and Tennessee foreclosure listings

OCWEN
Large buyer/servicer of non-performing loans.

PEOPLES BANK
Predominately homes in Connecticut

REGIONS BANK
Southeastern US - Contributed by Millicent

TAYLOR BEAN REO
Taylor Bean REO is a division of Taylor, Bean & Whitaker Mortgage Corp. that specializes in the listing, sale and management of lender-owned properties throughout the United States.  Emphasis in Georgia and Alabama, but they do have national listings.

UNITY BANK
New Jersey properties

VIRGINIA HOUSING DEVELOPMENT
Foreclosed homes in Virginia

VIRTUALBANK HOMES FOR SALE
A few homes for sale sprinkled around the country.

WASHINGTON MUTUAL
Washington Mutual was the largest Savings and Loan in the United States, now owned by J.P. Morgan

WELLS FARGO COMMERCIAL
Commercial only, if you want Wells Fargo residential, use the Premier Asset Services link in the Asset Managers section.

ZIONS BANK
Properties in Utah, Idaho, Colorado, Illinois

Smaller Regional Bank Foreclosures

FRANKLIN SAVINGS
Small list of properties around Cincinnati, OH

ISABELLA BANK
Foreclosed properties around Harrison, Michigan

SUNFIRST BANK
Cedar City and St. George, Utah

FIRST FEDERAL
South Carolina - They also list mobile homes

You can also find additional listings from our other pages:
Realtor Listed Property
or:
National Foreclosure Data Provider