How can I get a foreclosure list from a bank for an investor?

Question

I have an investor who wants to buy $5M in bank-owned properties in Maryland. How do I contact the banks directly? I don't know who to call...Thanks!

Answer 1

I would recommend u read up on lead generation info in your locals...

Answer 2

Call the REO department, or the loss mitigation department. The loss mitigation department tries to keep a house from foreclosing, and often they will follow a property until it becomes an REO - and so they may know what the banks do with REOs. Most banks will have an REO department that deals with the selling of bank owned properties.

Also, some websites you can try where a lot of banks list their REO properties:

www.reotrans.com

www.homesteps.com  - Freddie Mac

www.fanniemae.com - look under resources

www.ocwen.com

Answer 3

Honey, if you don't know how to answer that question, then it's safe to say that you probably shouldn't be managing the deal---at all.

I hope you aren't getting scammed by some con-artist because investors like that ALWAYS know how to find property like that.

PS:  Alterfemego is wrong.  Realtors do not have the authority to accept or decline an offer for another...that is out of our scope of practice.  Regulations under our license REQUIRE us to submit all offers, no matter how ridiculous, to the banking department that is handling foreclosure transactions.

They DO NOT allow Realtors to make those decisions.  Never, ever heard of that.

Answer 4

The banks are not going to deal with you directly.   You need to contact a real estate agent.

Answer 5

Go to the foreclosure department in any bank and explain to them you're working with an investor who would like to purchase large amounts of foreclosed homes.  The banks would love you! They are in the business of money not real estate and if they can recoup any loses from defaulted mortgages they'd be happy to help you. Remember, banks deal in money not real estate so the more houses they have means more money they're losing in up keeping them and wasting time trying to sell them.

Good luck.

Answer 6

Just call up the local bank branch and find out if they have a foreclosure list or check online some bank do list some also. Best of luck.

Answer 7

Here is one list...it ought to give you quite a few foreclosures.

Answer 8

If it were that easy, why aren't all investor going directly to the lenders?  Because the lenders do not have the staff nor time to negotiate these deals. They hire Realtors and give them instructions on what offers to accept for consideration and which ones not to accept.   As for getting a list, use the county court house/assesors office to get a list of defaults and/or foreclosures.