Mar
13

HOT - Free Source For Finding Foreclosures & REO’s Online

Filed Under Real Estate Investing 

Foreclousre SignBank REO’s are hot right now as many banks are accepting low offers on houses in their REO inventory - often the same houses they refused to short sale (that’s a topic for another day).

I remember back in the 80’s when my Mother had banks calling her to buy properties. She named the price and terms because they just wanted out of the properties and they carried the loans. It was like nothing down owner financing except she was buying from the bank.

The other day I found this site that was reportedly created by a Boston programmer who want to remain anonymous. With this site you can find foreclosed(REO) properties. Right now there are 11 lenders listed including Countrywide, CitiMortgage, Chase, Downey Savings, HSBC, Indymac, Ocwen, Regions Bank, and Wells Fargo.

Warning: searching the websites is easy but takes some time. With Countrywide you can search by state. Some sites have pictures(B of A and Indymac) and some let you search by city or zipcode.

For those using the UREI Software this is a goldmine. Crank out justified REO offers in 5 minutes or less and work with the lenders that will play ball.

If you’ve got a success story please share it for everyone’s benefit.

Author: Gerald Romine

Comments

One Response to “HOT - Free Source For Finding Foreclosures & REO’s Online”

  1. William Schwartz on March 16th, 2008 11:04 am

    Just found your blog and am loving it. Thanks for the bank site with the REO informaiton.

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