Home Buying in Temecula>Question Details

Ryan, Home Buyer in Temecula, CA

How do I research REO properties online?

Asked by Ryan, Temecula, CA Fri Jul 30, 2010

I'm looking to by in Temecula at the end of the year, and have been doing a lot of research on Trulia and other online real estate sites. It seems like the 'sold' listings are often REOs, and for a better deal than what I see most listings. I'm trying to figure out how to best research the available REO properties. Any advice?

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Answers

17
Most of the bank will list the REO themselves and list on the MLS. Take Freddie Mac for example, they are listing their own REO on http://www.homesteps.com while Bank of America listing on http://foreclosures.bankofamerica.com
To get more information on the title, liens, back taxes and even ownership history of an REO home, you can check out the title chain at http://www.searchq.com for free.
Web Reference: http://www.searchq.com
4 votes Thank Flag Link Wed Jan 7, 2015
Hi Ryan,
I find your question interesting in that bank owned homes or REO properties kind of lose their history once it becomes bank owned. By that I mean there is no owner to tell you the history of the home or disclose anything about the property. If you want to know about listing price vs solds you should hook up with a real estate agent who can automatically email you the info you want as it happens and go back in the past a ways. If you are planning to purchase a property, and are thinking about REO's as the hot deal, it may be true, but usually, the deals are done in CASH. Pick an area, Town names, you wish to purchase, Pick a price range, minimum sq foot, minimum bedrooms and baths, let your agent know and email your agent that info. You will automatically get emailed the information.
Then when you are ready to look, get qualified by a lender, or if you are a cash buyer, show your agent you have money in a bank account by emailing a copy of a bank statement to show you are serious.
The agent will assist you in seeing properties. The auto email of actives and what they sold for should help you in procuring a property you like.
FYI I would keep my eyes open to all properties instead of just REO's The terms the banks use in their altered contracts are not in your favor.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
1 vote Thank Flag Link Fri Jul 30, 2010
If you want to get into bank owned homes I strongly suggest you get an agent. That may sound self serving but the simple truth is that you can't buy a property unless it is for sale in some format. I am imagine you also don't want to try to buy it on the courtroom steps. So your best bet is to have an agent that is really plugged in for you for all new releases and even knows about pre-release foreclosures.

I see a lot of buyers that think they are saving money or time looking by themselves. I just spoke to a Marine last night who wants one of my short sales. He has been looking for months, doesn't want to have a buyer's agent because he thinks he is going to get a better deal.

Ironically, he is massively frustrated and keeps missing on properties. He is using three search engines, etc. In one hour, I pointed out 3 possible properties, called on the community he is interested in. Found one house that is falling out of escrow marked pending and recommended another community with a low tax base, thereby letting him buy more home.

Get a good agent to set you up on auto-emails, share what exactly you are looking for, introduce them to your lender so they can act quickly, and let them help you get a great home. That is the best way for you to have success for available REO properties.

Stefan West
http://www.stefanwest.com
Web Reference: http://www.stefanwest.com
1 vote Thank Flag Link Fri Jul 30, 2010
As a seasonal RE investor, I have conducted several title searches at http://www.nextace.com recently. NextAce is a real estate information and service provider for most of the title companies in the US. I only paid 49 bucks for a preliminary title report and do my own title examination.
Web Reference: http://www.nextace.com
0 votes Thank Flag Link Wed Jan 14, 2015
While this is an older post, the question is still valid. The short answer to getting the most accurate listing info is to have your Realtor set you up to receive automatic emails from the local MLS. Contact me if you need additional help.
0 votes Thank Flag Link Wed Jan 14, 2015
foreclosureradar.com it's as easy as that. Hope this helps and if you need help finding an agent out in Tem. contact me...

Good luck.
0 votes Thank Flag Link Tue Sep 28, 2010
Ryan: The public sites take information from many different sources. One of the FREE places that they get their property information is the County Recorders Offices. The County Recorders office has many different functions.

Every document recorded is used by the public sites and can show up as a property that is for sale or a property already sold. These recordings are mixed with actual listings making it confusing and hard to detect which properties are actually for sale and which properties were actually a traditional sale rather than being a property that had a recording against it for something else.

For instance, Notices of Default, Mechanics Liens, Tax Liens, Quitclaims Deeds, Trustees Deeds are all documents that need to be recorded and they also have a dollar amount attached to them. These recordings get mixed in with actual sale of property recordings and show up as current sold and or for sale data.

If you want true and actual results then you should contact a Realtor or a Broker to set you up on searches for the Multiple Listings Service. We pay for and have access to the most up to date and complete information.

We can see how a property was sold, what the showing instructions are and the complete history of the property, including property tax information! Let me know if I can help.

All agents have the same information in regards to MLS activity and if you work with only one agent who claims to have "Connections", to bank owned homes and or asset managers then you are greatly limiting your scope to what THAT agent claims to have.

Asset managers and banks want all agents to have access to their listings so that they can bring several offers that they can choose from.
0 votes Thank Flag Link Tue Sep 28, 2010
Just ask your agent or have them set up a custom search for you. Many agents also have property search websites where you can search properties for free. On my site you can even set up custom searches, auto emails, and save favorites. Feel free to use but I would suggest getting an agent to set up a very specific search for the areas you want, bank owned only and put it on auto-email.
Web Reference: http://www.stefanwest.com
0 votes Thank Flag Link Fri Sep 24, 2010
********************GET A Good "REO" Agent
Web Reference: http://www.HomeSearches.com
0 votes Thank Flag Link Thu Sep 23, 2010
You can also go direct to lenders websties.
bankofamerica.reo.com
reo.wachovia.com
http://www.homepath.com
http://www.pasreo.com
http://www.Hudpemco.com

Good Luck
0 votes Thank Flag Link Thu Sep 23, 2010
There are a lot of great answers here. The most efficient way to spend your time is let an agent set you up on their system to send you listings that fit the exact criteria you are looking for. They must stay on top of your search results to act quickly when you find properties that meet your criteria.

Foreclosureradar is a great tool but it does not guarantee that you will be able to purchase an particular property that you find in default. Sometimes the homes are sold in bulk to investors, home stabilization programs or sold at auctions. When non-performing notes are sold to investors this is done before the home is foreclosed on. So even though you follow the listing in Foreclosureradar.com you may not know who will be selling the home until it is listed in the MLS by an agent representing the investor or until you find out it was sold at auction.

This is why you need an agent to track new listings for you which fit your criteria and in the areas you desire.

Best of luck!

Jesse Madison
Madison Realty
0 votes Thank Flag Link Thu Sep 2, 2010
Hi Ryan,
I agree with my fellow agents; don't go this alone. Realtors have access to information that is not on-line. Some brokerages, like mine let us know about listings BEFORE they go on the market, BEFORE that sign goes up, BEFORE it goes on-line. If a home becomes available that meets your needs, you can be the first one notified. Making an offer on a REO can be very competitive. An experienced REO agent will know how to write a "winning offer" that will win out over the other multiple offers.

Good Luck with your home search,
Jan
0 votes Thank Flag Link Fri Jul 30, 2010
Hi Ryan,
The REO properties are becoming fewer and far between. The banks/asset managers are starting to see the tops of their desks now after having gone through the worst of the market. That is more than likely the reason your not seeing as many on the Internet now. My fellow agents have given you really good advice and I'll add one more piece: At the end of the Day, the single most important source that I have at my disposal is the Multiple Listing Service (MLS for short). All properties that are listing with Real Estate companies will go through this service. REO's as well. As a buyer, your seriously doing yourself an injustice by not using a Realtor to represent you. As I Buyers Agent, all of the work that I do for my clients, is FREE to them. Not to mention that my clients interest's are being represented in the negotiating with the Bank/Seller and they have a form of protection. Find yourself a Realtor who will work for you and you'll save yourself a whole lot of frustration.
Thanks for Posting on Trulia.
Best Wishes,
Ricki
0 votes Thank Flag Link Fri Jul 30, 2010
Thanks for your question about Cyber Research, specifically REO properties. Bank websites usually contain a list of REO's. A good local real estate agent can give you an up to date list of REO properties on the market.
0 votes Thank Flag Link Fri Jul 30, 2010
The easiest way would be to have a Realtor put you on a drip system. Where you would only receive Bank Owned and Standard sales if you want. The home search web sites show a home is available even though it is in Backup (an offer has been sent to the bank) or Pending (the house is in escrow). You spend a lot of time looking at houses you are really interested in. The only other way I know is to go directly to the banks website.
0 votes Thank Flag Link Fri Jul 30, 2010
Hi Ryan,

Dianne is right, any local real estate professional can provide with that info on a daily basis. You can also go to a popular website called http://www.foreclosureradar.com There is a fee but you can do your own research. If you want to search for free, I have a foreclosure search on my webpage. Go to http://www.bigmanrealestate.com/BuyingForeclosures/REO's

Hope that helps!

Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Fri Jul 30, 2010
Ryan
Any Realtor can isolate all bank owned properties and email you a list on a daily basis. If you would like one, just pop me an email and I will be happy to send you.

Good Luck!!!
Kindest Regards,
Dianne Hicks
HomeSmart Real Estate
951-514-5709
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Fri Jul 30, 2010
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