I am wondering if anyone knows how I would go about purchasing foreclosures (REOs) straight from the bank before they hit the MLS. Is there a list of people out there that you would call at the bank?
Also, have you ever used Realtytrac and has it helped you? If so, how have you used it to get the most out of the program.
I also have been working with one bank and the REO department. Do you know how one would get the Fannie Mac and Freddie Mae business?
Billie,
Realty Trac is really outdated. I'm not sure about Delaware but in PA We use the county sites for the sheriff sales. I would tell you not to waste your time on Realty Trac. I have recently be thinking about listed bank owned properties too. I was just going to start at the REO department of the mortgage companies and see how far that takes me. I'm sure it will be a learning experiance and there will be some interesting people to talk too. I know you can check to see what the bank took back at the sheriff sale so I guess start there.
You can also look up the hud-owned properties through
http://www.hud.gov/homes/index.cfm
the great thing about hud homes, that if you get a hud home, and even FHA financing they run "specials." Right now I know of some that they only require $100 down on an FHA loan! Go figure. Normally its 3%.
Bank owned properties are usually just listed on your multiple listing service.
You can also look up bank owned properties, by going directly through the bank! (IE Countrywide, Bank of America, Wells Fargo.)
Billie- If you go to Trend and then public records type in "Wells Fargo" or any bank you will see that the homes they own show up. From there you can see the address of the bank and if it is listed. It sometimes takes a few months to get it listed with a broker so there is a gap were you might be able to jump in.
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