What is an REO property?
When a property is sold through a foreclosure auction, its owner usually owes more to the lender than the market value of the property itself. This is often a barrier to selling the property, and sometimes such foreclosure auctions do not draw any bidders. As a result, not many foreclosure auctions end with the sale of the property, rather the title reverts back to the financial institution holding the lien. Properties in this category are referred to as REO (Real Estate Owned) properties.
The best parts of buying a REO property are that buyers have significant leverage and may be able to turn the property around quickly. Banks are trying to get the maximum return when they sell an REO property directly. They want to sell them quickly for two main reasons: first, they don't want to tie up their money in capital reserves they are required to set aside for a foreclosed property, and second, the management of such properties is a headache they would rather not have. Investors dedicate much to buying REO properties because of it's price.
How can I buy an REO property?
I have included some links below where you can search for REO (Real Estate Owned) and find the house of your dreams at a bargain price. Please note: All of the banks listings have a real estate broker. Banks have a process they follow with REOs. I am an experienced Real Estate Professional in working with REO’s ; I will guide you from A to Z when buying a REO property. Also I can help you buy a property at foreclosure sell through the QUEENS AND KINGS county sheriff. Keep in mind that, banks try to sell it for what they have in it, and they think they are due all of the late fees and penalties accrued by the former owner; as a result, many banks still have unrealistic expectations, nevertheless this should not stop you from making an OFFER. Feel free to contact me when you are ready.
REO Foreclosure Directories:
http://www.biggerpockets.com/bank-reo.html
http://www.thedirectoriescompany.com/REOs.htm
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp#6685
Lender REO Foreclosures:
http://www.countrywide.com/purchase/f_reo.asp
http://bankofamerica.reo.com/search/
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do
http://www.pasreo.com/pasreo/
http://services.mandtbank.com/personal/mortgage/reomort.cfm
http://apps.indymacbank.com/individuals/realestate/search.asp
http://www.us.hsbc.com/1/2/3/personal/home-loans/properties
http://mortgage.chase.com/pages/other/co_properties_landing.jsp
http://www.bbt.com/bbt/applications/specialassets/search.asp
http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp
http://suntrust.res.net/
REO Inventory Listings:
http://www.home-fish.com/
http://www.emailforeclosures.com/
http://www.reotrans.com/
http://www.reosource.com/
http://www.reoexperts.net/