How Do I Find Out about Bank REOs?
Monday, April 14th, 2008That, of course, is the trick. With some lenders being so secretive about them, you won’t find REOs waiting for you to come along. In fact the most difficult part about this area can be finding the properties.
The most logical first step is to check with a lender. Go into your local bank branch and ask for their REO department. I tried that with five different banks. In four cases the people I talked with had no idea what I was talking about. In the fifth the person said that she knew and then connected me with their “real estate division.” It turned out to be a subsidiary of the bank that was a residential real estate sales office. They didn’t handle REOs at all. It’s pretty hard to get information from the lender when the lender’s own people don’t know what’s going on!




investment property