Real answers from REO Dept

[Ken Cumberlander]

I have MLS access and I’m able to do searches and see properties that are owned by banks such as Wells Fargo, Citibank and others. Now the question is if these properties are not yet available for sale on MLS what's the best way to get to these companies department that may handle the REO inventory to see if it’s possible to purchase these properties that are not yet available? I would love to know how to navigate through that process, any suggestion would be appreciated!

[Dev Horn]

I've noticed more banks in this area using AUCTION.COM to sell REO's.

Also, if you can "get in good" with the listing agents, they'll will notify you when they get a new one.

But at the end of the day, it's super hard to find deals among the REOs that meet our investment formula/criteria. Whether it's the MLS or Auction.com, there are just too many bidding and ultimately decent REOs go fast & often above asking price. In many cases, REO = Real Estate Overpriced! (or they are such hideous piles of **** that no one wants them at anywhere close to their asking price - I still see some listed that we looked at in November... Banks are not good "motivated sellers").