Quote:
Originally Posted by Jandrews
How does one get access to see bank owned properties for sale?
JA
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I've bought them several ways. The best way is if you have an ongoing relationship with a local bank. If you are one of their better borrowers, and have done rehabs before, they may actually call you first to see if you are interested. The key is having a personal relationship with an officer at a LOCAL bank. They typically only want to deal with experienced, well funded investors/rehabbers.
One of our agents actually maintains, sometimes rehabs, and markets all the REO properties for a local credit union. ALL of their sales are through MLS listings.
Forget about contacting any of the big banks directly to buy their REO properties. Most are contracted with realtors for at least a BPR (broker price opinion) early in the foreclosure process.
The best way is the MLS. Work with an realtor specializing in REO properties and you will learn alot about the process. Keep in mind that the agents who do the bank owned work constantly have to deal with the latest Carelton Sheets graduates looking for something for nothing. Don't be one of those guys.
