REO Listings and Contacting Banks

How do I get info to a direct person at a bank for REO packages? I want someone that can get me a package deal. I have investors that have POF and LOI but I need someone that can perform.

1 Answer

Patience and persistance. REO sales for the bank are a losing proposition. As such they are not about to start offering "package deals" unless they are completely desperate to move properties off their books in large numbers, which very few, if any lenders feel that way at this time.

Work your way backward through the system. Meet with the local real estate agent that is presently representing REO listings in the area you are interested in. Take this person out for a GOOD lunch or dinner. Remember and value the fact that unless you are purchasing one of their listings, you are wasting their time so make it rewarding for them to assist you as a liazon.

This agent already has contacts in the right places with the lender and can start the inquiry by pushing in through the back door to find the right person to present your proposal. But it has to be worth the agents time and effort even if you can't put a deal together.

How do you get an REO deal on Carnegie Hall? Practice...patience.... and persistance.