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Mortgage Rates
30 Yr FRM 4.96% 0.01%
15 Yr FRM 4.33% 0.01%
1 Yr ARM 4.12% -0.10%
5/1 Yr ARM 4.09% 0.04%
30 YR Tres 4.58% -0.01%
Fed Prime 3.25% 0.00%
Q: Where can I locate bank REO properties before they are assigned to a realtor?
  • That would be a pre-foreclosure; aka a short sale. The only other way to get them, if you do not have a network of agents working for you to give you the cream of the crop deals post auction, is to be a cash buyer and purchase them at the auction. You can find out who & where these potential homes are from obtaining a notice of default list, and looking at the notices of sale, those are the properties that are about to be available for auction.

    If you are not a cash buyer then working with the short sales is the only other way to get them before they are assigned to a REO agent, which is typically about 10 days after the bank can't sell it at the auction.

    I hope this helps, please feel free to check out my profile and contact me directly for more information.



    Answer Submitted on Tue, May 19 2009

    Rate this Answer:
    Answer Contributed by: John Cramer
    John Cramer
    Managing Broker
    Cramer Consulting Group
    Patriot Lending
    619-997-4922 Direct
    619-330-1943 Fax
    www.patriotlendinginc.com
    www.cramerconsultinggroup.com
    Ca.D.R.E. Broker # 01437002
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