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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Getting first in line for REO deals.. Posted by Ward-CA- on June 24, 2002 at 6:49 AM In Reply to: Most efficient way to get REO listings posted by Ken SoCal on June 23, 2002 at 9:55 PM : Would the best way to track REO's be subscribing to Foreclosure listings such as RedLoc? I'm in CA and I'm ready to invest in my first foreclosure property. I am leaning towards buying a REO and have read that I should contact the bank immediately after they take back a foreclosed property. : What is the best way to determine that a property has gone back to the bank? Should I be tracking trustee sales and properties with no bids? Or is there a more efficient way of getting fresh REO listings? Great forum Ward....Thanks in advance. =•=•=•=•=•=•=•=•=•=•= Ken, If you want to contact the beneficiary “immediately after” they have become the owner of the foreclosed property then you can’t rely on services that take days, or even a week or two to gather the info and then get it to you. In fact, I’d be more inclined to approach the foreclosing beneficiary BEFORE the trustee’s sale even takes place. Letting beneficiaries know of your interest in the property before they become the winning bidder will announce your interest a week or so ahead of your competition. The Notice of Trustee’s Sale gives you the beneficiary contact phone number. So call that number and ask the beneficiary’s representative who you need to talk with concerning making an offer on the property an hour or two after the beneficiary becomes the new owner. Ask them to fax you the forms they prefer you make your offer on. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Would the best way to track REO's be subscribing to Foreclosure listings such as RedLoc? I'm in CA and I'm ready to invest in my first foreclosure property. I am leaning towards buying a REO and have read that I should contact the bank immediately after they take back a foreclosed property. : : What is the best way to determine that a property has gone back to the bank? Should I be tracking trustee sales and properties with no bids? Or is there a more efficient way of getting fresh REO listings? Great forum Ward....Thanks in advance. : =•=•=•=•=•=•=•=•=•=•= : Ken, : If you want to contact the beneficiary “immediately after” they have become the owner of the foreclosed property then you can’t rely on services that take days, or even a week or two to gather the info and then get it to you. : In fact, I’d be more inclined to approach the foreclosing beneficiary BEFORE the trustee’s sale even takes place. Letting beneficiaries know of your interest in the property before they become the winning bidder will announce your interest a week or so ahead of your competition. : The Notice of Trustee’s Sale gives you the beneficiary contact phone number. So call that number and ask the beneficiary’s representative who you need to talk with concerning making an offer on the property an hour or two after the beneficiary becomes the new owner. Ask them to fax you the forms they prefer you make your offer on. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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