Foreclosure in Brooklyn>Question Details

Asim, Real Estate Pro in Brooklyn, NY

Is it possible to approach banks directly to get a list of REO properties to make an offer? Are we allowed to?

Asked by Asim, Brooklyn, NY Sat May 10, 2008

Is it possible to get financing on REOs or may be just assume the mortgage....I hear for REOs you need to close very quickly but if you already have a preapproved loan, it shouldn't be a problem correct?

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Instead of trying to assume the mortgage, you should make your offer with a request for that lender to finance the transaction. However, you probably should also shop around for rate and terms.

Don't be fooled: you needn't close any quicker on a REO than you would for any other property.

By the way, if you're not working with a realtor already, then you should probably find one with REO experience to help you to write up and submit your offer.
1 vote Thank Flag Link Wed Feb 4, 2009
REO properties by various lenders can be found at the site below
0 votes Thank Flag Link Wed Feb 4, 2009
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
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Asim:

You can find some lists of REO's on bank websites. You may also try NHMSI.com for HUD homes and ocwen.com for VA homes.

Your best bet is to enlist the help of a local buyers agent. They will have access to these properties and can help you with purchasing one. There is no additional cost for representation, so I definitely would not do it alone.
0 votes Thank Flag Link Wed Feb 4, 2009
You can approach a bank directly and ask for a list of REO properties. Some will give it; most will not.

Yes, you can finance an REO. Preapproval is good.

A better way is to get a realtor to work on your behalf to find the REO's in your area that meet your criteria. That way you have someone on your side as you negotiate with the owner/bank. Remember that most banks holding these properties do not follow the same rules that you and I follow. They are governed only by national, and sometimes international, laws. Very few REO's will actually be good deals as far as value. The realtors who watch the market in your area will know when one is coming on and those properties will be bought quickly by investors who have realtors watching out for them.

We are expecting a flood of properties to come on the market sometime this month as FNMA releases some of the ones they've been holding over the winter. I, and half the realtors I know, am ready to pounce.
0 votes Thank Flag Link Wed Feb 4, 2009
the site below may help.....good luck!
0 votes Thank Flag Link Wed Feb 4, 2009
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
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