CUT OUT THE MIDDLE-MAN

If you contact the asset manager at the bank, they will send you a list of their REO's. Often times, before they are listed with a realtor. If they can get it sold directly without a realtor, they will do that. You need to be on their list as they get new ones come in. Also, if you can get their email, keep in touch with the asset manager every once in a while to let them know you are still interested. It's usually a timing issue. We have one right now that we are going to bid on, but it is "fresh". Actually still has tenants living in it (landlord was foreclosed on). It's not with a realtor and the bank is in direct contact with us.

Sheila:
When contacting the bank, do you just specifically ask for the Asset Manager or is there some other title for that person? Also, is there any reason why they wouldnt give you the info?
Thanks!
-M

Yes, ask for the asset manager. If the person who answers at the bank is not sure or that is not the title they use, just ask for the person who is in charge of the REOs. There is a very good chapter on REOs in 'Your Town'....read and reread it! I am following Joe Jurek's model and we plan to make offers that may seem crazy, but in the end they need to unload these REOs. Also, at that same bank, talk to the loan dept and ask about no seasoning refinances and financing their REOs. So far, the small local banks have all said that they do in-house loan products and that no money down deals, especially with their own REOs, will be no problem at all. Definitely start with the small local banks. They have the most leeway on what they can offer. Also, I can't imagine why they wouldn't want to give you info on their REOs, no more than a realtor not wanting to give you information on a house they are trying to sell. They want rid of them, and you want to buy them. WIN-WIN! Just go in with confidence and be polite and they will reciprocate. Good luck!