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Real Estate Find a Bank REO!

Discussion in 'Real Estate Investing' started by MJ DeMarco, Oct 16, 2007.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Looking for a REO property -- here are the listings direct from bank databases. Why pay an online site when you can get it for FREE?

    IndyMac Bank REO:

    http://apps.indymacbank.com/individuals/realestate/search.asp

    Countrywide
    http://www.countrywide.com/purchase/f_reo.asp

    HSBC
    http://www.banking.us.hsbc.com/HICServlet?cmd_PropertySearchDefault=cmd_PropertySearchDefault

    Bank of America
    http://bankofamerica.reo.com/search/

    JP Morgan Chase Bank REO:
    http://mortgage.chase.com/alt/altdel/REOSearch.jsp

    M&T Bank REO:
    http://services.mandtbank.com/personal/bank_owned_prop.cfm

    Wells Fargo REO:
    https://www.pasreo.com/reo/

    Compass Bank REO:
    https://www.compassbank.com/appforms/properties/index.jsp
     
    Runum, Andrew and nomadjanet like this.
  2. 8 SNAKE
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    8 SNAKE Contributor

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    Nice post, MJ! :eusa_clap:
     
  3. Corrado79
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    Corrado79 New Contributor

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    Agreed. That is some valuable research right there.
     
  4. nomadjanet
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    nomadjanet Contributor

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    thanks a bunch. why are you worried?
    Janet
     
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    NoMoneyDown Contributor Read Millionaire Fastlane

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    nomadjanet likes this.
  6. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    WOW, oh, WOW. Thanks man!:cheers:

    Greg
     
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Pardon my ignorance, but how difficult is it to buy REO properties? Will banks finance the purchase of these or is it a cash only type of thing?

    I just found a four family in my area the bank is selling for 89,400 and the last buyer paid 139,000. Would love to snatch this one up!
     
  10. reipro
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    It just depends, how long it has been on the market, who the bank is, are they near there FDIC Max of REO propeties and bad debt? Do your reserch and make an offer on the propety the worst that can happen is they say no. The best that could happen is they say yes and you get a good deal.
     
  11. hummer1414
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    hummer1414 Banned

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    I am a spammer.
     
    Last edited by a moderator: Oct 18, 2007
  12. bflbob
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    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Hummer -- it has been nice knowing you.
    I like cheese on my SPAM.:smx19:
     
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Thanks for reporting this.
    User has been banned for two weeks. If hummer1414 does the same again he will be banned permanently. The only reason I did not banned him permanently was because he registered a couple of days ago and had not posted spam right away. Others register and start spamming right away, so we ban them for good. Benefit of the doubt for now...
     
  14. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    I banned him forever. He's a spammer. The spammer

    1) Uses a yahoo acct.
    2) Signs up at multiple forums all at once (might take a few days)
    3) Verifies email all at once
    4) Spams all at once to achieve maximum impact.
     
  15. Bilgefisher
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    MJ,

    I have spent the better part of a day looking over deals available with countrywide alone. Simply amazing. Thank you for these links.
     
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    Thank you for posting this MJ!!! Actually I was in the middle of calling around to banks to acquire these listings. Thanks again

    Antonio_O
     
  18. Bilgefisher
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    Once you go to those websites you can then follow it up by seeing which realtors list those homes.
    You can also have your own realtor run a list from their mls. Their part has a lot more information. Like if the home is occupied. How long its been listed etc.
    Rob
     
  20. MikeT_Ca
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  21. bosco
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    Some really valuable information here. Thanks for sharing this!

    I have a question though... Once you've located a property that interests you...what are your options? Are the prices listed negotiable? can you asume the notes or do you have to secure a new mortgage? Is the process similar to purchasing a regular listing or is there additional steps? Are you delaing directly with a bank or a real estate agent?

    Thanks
     
    Yankees338 likes this.
  22. Yankees338
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    Yankees338 Bronze Contributor

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    Good questions. Rep+++

    Anybody have the answers to this? Just wanted to give it a bump-a-roo...
     
  23. imirza
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    You'll be dealing with a real estate agent. You make an offer and they will take it to the bank. The banks can counteroffer. You can try to contact the banks directly and reach their REO department. Keep in mind that most banks don't have REO departments. REO is a 'dirty' word. They prefer calling it by other names. I know Countrywide calls it the Real Estate Marketing department LOL . :smx2:
     
  24. tbsells
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    You deal with an agent. You can have your own buyers agent or deal directly with the the listing agent. Its very unusual for an REO company to deal directly with a buyer. This just don't want to do it. The process is similar to any to any other purchase except the entire process is titlted in favor of the seller. You can make an offer with a 24 hour expiration and they still may take a week to respond. Sometimes when a property is just listed they will wait 10 days before acting on any offer to see if others come in. There is usually an addendum to the contract that is very much in the sellers favor. It can be frustrating if you let it be. Once you've been through it a few times you just make your offer and wait to see what they say. You can't assume financing. By the time it gets to this point the previous loan has already been foreclosed upon. Get approved for financing before making an offer. They will usually not even consider your offer without it. You rarely get the opportunity to do a full inspection because the utilities are turned off. Offer accordingly. You have to have some "wiggle room" in your deal in case of unexpected expenses such as bad water heater, frozen pipes, etc. There is potentially alot of money to be made buying these, but be careful not all REO's are deals. In fact most are overpriced currently in my area and have been for a year or so.
     
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  25. phlgirl
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    phlgirl Bronze Contributor Read Millionaire Fastlane

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    • Feel free to make extremely low bids - we often make offers at 20-30% below listing price
    • Expect to be required to either show proof of funds (cash purchase) or pre-approval for financing
    • Expect to wait
    • Expect to take the property as-is (which means you need to bring your own contractors, when viewing the property)
    If you know your product and your costs, there are amazing deals to be had right now. You must be persistant and patient. Every deal might not work out but, if you keep at it & make a few offers, it is likely that one of them will come through.

    We are seeing an increase in the volume of deals - at deeper discounts & in better neighborhoods. The issue, for us, right now is the back end financing.

    If has become more & more difficult to find a program which allows stated, cash out refi, based on appraised value, 70-75% LTV, with no seasoning requirements. If you don't need any cash out, and have decent credit, you should have no problem finding financing at great rates (up to 10 properties per individual).

    Know your market and be reasonably cautious.
     
    Bilgefisher likes this.

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