discounted properties
How can I identify discounted REO properties?
My partner and I are looking to purchase the “left-overs” at a discount… the REO properties that the agents have had on their desks for a few months and cannot sell. However, we have had absolutely no luck in being able to contact the REO departments. We are willing to buy in bulk or individually. Does anyone know how to go about contacting the lenders for this kind of thing? This is a win-win for everybody if we can just figure out who to call.
There is an old technique I use to use in purchasing REO from banks before they start using real estate agents for this purpose. Things were so simple then.
Go to your nearest large bank, ask to speak to the Vice President as you have a problem that you think he and only he can solve.
When you get a chance to speak to him, Tell him “I know that you might not be able to help me but I am looking for the person that handles your REO list of properties that he Realtors could not sell, who in your bank handle this department? If he is not at this branch can you give me the telephone number of the branch he is located?”
I am not guaranteeing this will still work, but it worked in the olden days or yore. It might be worth a try.
You might also try pre-foreclosures. They work also, that is what I do and very successful.
You might also go to the foreclosure sale, not to bid, but to see if the property sell. If it does not sale, find out the lender. You already know the minimum bid. Fire off an offer for the minimum bid along with a check for 10% with a letter indicating how you are gonna come up with the rest.
I have been successful with this method also. As long as it does not take a month or more to come up with the remainder of the funds.
You might also send a copy of your credit report and ask if you can take over the existing loan as long as you bring it current.
You might tell the lender that the funds will be over nighted to them. I have had 3 of these work, but then I have only applied for 3. In the 3 that I applied for I offered to pay a 1% fee to take over the existing loan, so they would have an incentive to do it.
I hope this has been of some use to you,good luck.
“FIGHT ON”
Discounted Properties: Finding Real Estate Investment Property