What is the easiest way to located REO properties for sale?

Asked by Jennie, Grand Junction, CO Sat Feb 14, 2009

I am interested in purchasing a REO home in the hopes that I will get a little more home for my money. Are they always listed with real estate companies or do I have to pay a company like realtytrac to find addresses and contacts?

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Jim Hoffman, Agent, Grand Junction, CO
Mon Feb 16, 2009
You have already received correct answers, but, for you and others who may read these responses, it is felt the most important response can somtimes be: "DO NOT subscribe to any service, or pay any fee to any company that is promising you some kind of insider info not otherwise available." Unfourtunately, many companies are out there that take advantage of those looking to acquire property at a bargain by charging for informaiton that is available thru your realtor.
1 vote
Mountain Coa…, Agent, Grand Junction, CO
Sun Feb 15, 2009
Hello Jennie,
In additoin to the great answers below, you can also speak with a Lender that works with REO homes. I know of one that is getting lists of REO homes in the Grand Junction area. In addition some Realtors work with these Lenders on listing REO properties. Hope that helps. If you want any further information let me know, I'm happy to help.
Web Reference:  http://www.andreahaitz.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Feb 15, 2009
FREE - realtor who can forward you MLS listing based on your specifications and lender approval.

Paying websites usually have outdated info. vs. MLS is governed by professional code of ethics over looked by State. MLS is FREE
Web Reference:  http://www.lynn911.com
0 votes
Shelly Cross, Agent, Grand Junction, CO
Sun Feb 15, 2009
Hi Jennie! Most REO's are listed with real estate professionals and are easy to find on our Multiple Listing Service. Our Real Estate Board recently added a special REO search box for us to use when looking for bank owned properties. Websites such as realtytrac are good for learning about properties where the owner has missed some payments and has received notifcation of default from their bank. But they do charge you fees to see detailed information that a Real Estate Professional can obtain for you for free. Feel free to call me if I can help you any further.
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Sun Feb 15, 2009
A local Realtor will be able to locate the Foreclosed homes and HUD homes in your area.
MORE Important is the fact that what do you do when you find them??? That is what you need a Realtor for.
Bank Contracts are one sided and you do need a Realtor to help you through the process to make sure you are taken care of and do not loose earnest Money.
0 votes
Bill Eckler, Agent, Venice, FL
Sun Feb 15, 2009

The easiest way to locate REO property is to leave it to the professional. Once a target location has been identified, contact a local real estate professional for their support.

They will be able to identify homes that match your criteria and lead you step by step through the process.

Good luck
0 votes
Lillian Live…, Agent, Lakewood, CO
Sat Feb 14, 2009
REO properties are always listed by a local Realtor. I recommend that you hook up with a local realtor who has a good website that you can use to run daily searches for newly listed REO properties.
I recommend that you do not work directly with the listing agent, but rather work with a realtor who will be your Buyer's agent. You want someone who will be 100% on your side.
0 votes
Michael Krieg, Agent, Grand Junction, CO
Sat Feb 14, 2009
Jennie I can help you find or search several lenders and data bases free of charge let me knoe just what it is your looking to do. Price,size , location. Mkrieg@unitedcountry.com My office is on main st and 3rd ave downtown. We work with several lenders who all have properties they are looking to get off of their books. Also I can provide you a list from the public trustees office of properties that are in trouble as far as owners not making their payments to their lenders. Mike Krieg 970-640-4772
0 votes
Voices Member, , Benton County, OR
Sat Feb 14, 2009
Jennie, If you would like to view Bank REOs or Gov. properties for sale then this site will provide you the links to do so. These are links to the actual Bank and Gov sites....http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

You'll find sites like these.....http://www.countrywide.com/purchase/f_reo.asp
http://www.homesales.gov/homesales/mainAction.do ............. and many more

This is all FREE, provided by the Banks and Goverment for the public......
Hope this helps, Dunes
0 votes
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