Posted by Mark-WV on July 07, 2002 at 11:04:16:
Your local banks will have a reo department or if they are small banks you will have to ask the loan department who to talk to.
The large national banks and lenders such as Conti , Home Store, Fairbanks,Flagstar will have a loss mitagation department . Most of the large lenders deal with local lawyers who then list the property’s with brokers in the property’s general area.
Watch the local paper legal notice section for the same lawyers handeling muti cases for the same lender. Then contact them for info on houses that you are interested in.
Be aware that they have a time tested way of geting rid of these houses and are going to keep doing this in the same manner that they have been. Your chances of buying from a large lender without a working relationship with them is slim .
Brokers in your area are your best bet for reo’s. The fee for them most times are set by the lawyers doing the paperwork for the lender and are a set fee , there for they will make the same amount whoever buys and is in this area is $500 on a small deal to $1000 on a large one. As you can see dealing through a broker or agent will not add much to your cost and will be a lot easier than dealing with trying to find someone that will deal with you in the loan departments a large lenders.
This is what I have done in my buying of reos with the exception of some large leders that will call me before listing in my area.The calling before listing didn’t come untill I had bought several that they had listed with brokers and they wanted to cut out the brokers by calling me first. ( no honor between thieves ? )
Hope this will help and keep in mind there are no rules try something and if it doesn’t work try something else !!
Mark