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The volume of houses being sold today at Trustee Sales with any equity remaining in them is seriously dwindling.
They are all being sold to some guy named Bennie.
Who do I need to make friends with in order to get his phone/fax number for the purpose of presenting offers before the property is placed out for retail sale? The Agent at the sale? Trustee officer handling the file?? And why would any of them want to talk to me, even though I am a cash buyer?
I am sure you have experience navigating through the REO maze and look forward to hearing from you!
Brad
Brad,
You can get a much better deal AFTER the trustee sale. Just wait for these properites to become REO’s
Contact all REO agents in your area to get on their advanced notice list. To get a list of reo brokers, go to http://www.reobroker.com or http://www.buybankhomes.com
Good luck,
Jackie
get a list of wholesale properties for sale.
Check them out
Make lots of offers.
Buy some.
Quote:Posted By Brad Wickliffe on 09/13/2007 11:38 PMThe volume of houses being sold today at Trustee Sales with any equity remaining in them is seriously dwindling.
They are all being sold to some guy named Bennie.
Who do I need to make friends with in order to get his phone/fax number for the purpose of presenting offers before the property is placed out for retail sale? The Agent at the sale? Trustee officer handling the file?? And why would any of them want to talk to me, even though I am a cash buyer?
I am sure you have experience navigating through the REO maze and look forward to hearing from you!
Brad
To find the contact person can be very difficult as loans are sold, assigned, etc. Even the person crying the sale usually does not have the information that you need. However I have found a way to get to the right person.
After the foreclosure sale a new deed will be recorded, usually within a couple of weeks.
Go online to the county recorders website and do a search for the foreclosed owner. This will show a copy of the new deed.
Somewhere on the deed will be a “return to when recorded” name and address.
Once you have this, go to the internet phone directory and look up the phone number, call and ask for the loss mitigation department.
You will probably need the trustee’s sale number, loan number, former owners name and address. All of which is available at the county recorders website. Read the various notices recorded in the former owners name.This takes a little work, but you will get a jump on others who wait until the sale information appears on REO lists.
Sometimes you can deal directly with the lender or they may refer you to a local realtor who handles REO’s for them.
Go ahead and call the realtor and let them know you are interested when it is available for sale. Be sure to call them every couple of weeks to remind them that you are still interested. They may call you first and let you put in a bid before it is listed and available to everyone.
I have purchased several properties this way.
Brad,
The Loss mitigation departments I’ve talked to are for PRE-foreclosure situations ( ie. short sales, loan modifications, forebearance agreements, etc)
all attempts to “mitigate” the loss of the bank/mortgage company BEFORE the get the property back and avoid a foreclosure foreclosureAfter a trustee sale, it’s been my experience that you’ll need to talk to an REO asset manager about the property. Keep in mind that they could just be servicing the note for some other “investor” like wall street or an insurance company so final approval will always have to go through the investor.
Jackie
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