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Laura Sanchez,  in Sunny Isles Beach, FL

I am a realtor trying to find corporate owned properties to list and sell. How can I contact the banks to get?

Asked by Laura Sanchez, Sunny Isles Beach, FL Mon Feb 11, 2008

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Wouldn't everyone love to think that Dr Cheng is right on this one. Just 1 call is all it takes. I guess those of us that have been working away at performing countless BPO orders, building relationships though months of hard work within the REO community and toiling away 10-15 hours a day have it all wrong.

Laura, the process is not "simple". It will take a huge commitment on your part. A simple phone call wont do it. There are literally thousands of agents looking to do the same as you. If loss mitigation reps and asset management companies were answering phone calls from all of these agents, nothing could ever be accomplished. They would have to hire hundreds of call center employees just to field calls from eager agents. My brokerage represents a few of these companies and it is very difficult for us to make personal contact at times. Most of our communication with them is via e-mail and only to communicate orders, offers and to resolve issues. Get together with a broker who is already in the REO market. An individual agent has little chance at capturing this market without support and participation by their broker. A better choice may be to advertise to buyers as many reo listing agents will not deal directly with buyers. Good luck in your quest!

Dr Cheng, use the link below for lists of available REO properties in Riverside County, California. At last count, I think there were somewhere around 1,000 of them. I will get the ones from San Bernardino County on there after I make a couple of phone calls.
3 votes Thank Flag Link Thu Feb 14, 2008
Contact the local banks in Sunny Isles Beach; WaMu, BankUnited, BOA, Centura,regions,Colonialand a few more. They may direct you to the asset liquidation department and inturn they will give you all the listings and buyers too.
0 votes Thank Flag Link Sun Jun 1, 2008
Hi Laura,

I may be wrong but I read your question as an apples and oranges type question.

You mention corporate owned and then went on to ask about banks.

Corporate owned usually means a corporation other than a bank owns the property, This would a company that has relocated an employee and bought out the interest in the house to the employee could buy a house at the new location. It could also mean a real estate holding company that simply shelters ownership from the general public and a number of other reasons.

Bank owned properties are referred to as Real Estate Owned (REO) and that is what everyone else that has been answering up to now is referring to.



JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Mon Mar 31, 2008
I think Dr. Cheng writes children's fantasy books! Any homeowner who works with their lender to get a loan adjustment or Short-sale would be rolling on the floor in hysterics over THAT comment. I'd saddle up to a lender in one of the BIG institutions and start throwing them some buyer contacts so they can get their "bill wet" with the understanding they will eventually REFER you to their Assett Manager or someone in "loss-mitigation" which will inturn get you an application to be CONSIDERED for maybe a Broker Price Opinion (BPO) and then perhaps a REO listing.
0 votes Thank Flag Link Sun Feb 24, 2008
I emailed you a mailing list of ten REO A.M.s
Good luck.
0 votes Thank Flag Link Sun Feb 24, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Laura Christopher is right in that it takes networking and building relationships with the banks. I have some contacts and of course I am always working on making more. It takes time.
0 votes Thank Flag Link Wed Feb 20, 2008
Every bank has real esate department to handle repo, all you need to do is call the bank to reach the department vp, and tell them you have many buyers want to buy their real estate properties in hand, and their VP shall be very glad to meet you.

Once you got all the listing, do not hesitate to post at Trulia to let me know, and I will give you a list of investors from CA, Taiwan, Hong Kong and China looking to invest in real estate in the US ...
0 votes Thank Flag Link Tue Feb 12, 2008
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