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I have been researching REOs on Realty Trac. Is there away to contact the lender's loss mitigation department before they list with a Realtor? I have tried to contact banks about their REOs but haven't had any luck. Steved
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steved Posted: 31 Oct 2011 08:33 AM

I have been researching REOs on Realty Trac.  Is there away to contact the lender's loss mitigation department before they list with a Realtor?    I have tried to contact banks about their REOs but haven't had any luck. 

steved 

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darenb replied on 31 Oct 2011 01:50 PM
steved: it can be difficult to contact lenders about an REO before it is listed for sale, but it is definitely possible. I have talked to RealtyTrac members who have successfully done this. Here is a link to a story about one of them: http://www.realtytrac.com/content/news-and-opinion/a-real-estate-investor-success-story-cash-flow-crazy-in-the-twin-cities-6034
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darenb replied on 31 Oct 2011 01:55 PM

Here is that link again: http://www.realtytrac.com/content/news-and-opinion/a-real-estate-investor-success-story-cash-flow-crazy-in-the-twin-cities-6034

I also wanted to let you know that in general you'll have better luck contacting local, community banks than behemoth, nationwide lenders. That's what the RealtyTrac member in the above story did. Here's a video showing how you can search by lender name to find REOs with specific lenders. You could even do a search for REOs with the word "community" in the name to find some REOs owned by community banks in your area.

 

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