REO pre-listing opportunities


#1

Hi,

I wonder if you can suggest a way to approach asset managers or beneficiaries about the REOs they have but have not yet listed? For example: 914 W Elm St, Compton, CA 90220. Any edge in getting to these before everyone on the planet can would be very, very helpful. Often the TS number only leads to a robot and no beneficiary info.

Thanks so much.


#2

Hi Chris,
Most of the larger banks do not handle the disposition of the property through their REO departments. Instead they assign these properties to an asset manager. Unless you are on the approved list with the asset manager you will not be able to get this listing. If it is a smaller local bank, private beneficiary or credit union you could have a chance to get that listing through their REO department. Keep in mind that some larger banks use several different asset managers depending on who the investor is on that loan.
We have a great webinar called Breaking Into the REO club that talks about this at length. To view the recorded versions of our webinars please click on “Webinars” under the Support and Training tab on our home page. You will then scroll to the bottom of the page to see the previously recorded webinars that we have on file. You can also register for our free webinars and view the recorded version by clicking on the following link: https://www.foreclosureradar.com/webinars.


#3

Hi Michelle:

Thanks for your reply. I watched your webinar and found it very interesting and informative. However, I am not an agent, I am an investor.

That said, if you have any information on finding more accessible local banks, please do share it and – in keeping with your “there are no stupid questions” policy – what are the titles of bank exex I would want to connect with about pre-list REOs or other buying opportunities?

Thanks so much for your time.


#4

Hi Chris, You would want to reach out to the REO departments of the banks. Sometimes they will refer to themselves as the portfolio managers. We provide the lender information on each property as well as the lender name when the trustees deed is recorded. You can also use other services like the Lane Guide (www.laneguide.com) which is a directory of lenders. If you click on the NTS link on our property detail page we provide a link to the Lane Guide. Title companies have used the Lane Guide for years to locate the current payoff departments and other contact info. There is another publication called the Scotsman Guide (www.scotsmanguide.com) that also may be helpful.