Finding the bank prior to public REO listing

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How does one find the bank prior to an REO public listing?

Depending on how and where you invest, IRA and where your life insurance etc invests, you may be part owner in these REO properties.

I have been trying to explain to several people that you really can't pinpoint the owner of many bank owned properties. Loans get placed in trust securities and servicing agreements etc can be VERY complex.

This was written by a good friend of mine that sells single REO here in the Bay Area. We get csv NOT-NOD-REO and still have a very hard time locating the owner on single REO's prior to the listing.

NOTE the comment about 'Wall Street" I have mentioned this OVER and OVER again!

Take a look:

Eric,
Can you tell me how I would go about contacting the Bank on particular REO that I have seen in the list?
Thank you for your time.
“MS”
Here is Eric's answer:
Hi “MS”,
It’s extraordinarily difficult these days.
Most of those loans have been sold, resold, tranched, and sent all over the world.I have 2 active now and on both we know who is servicing the debt, but they are owned by Trusts on Wall Street. Impossible to communicate with.
It’s almost never worth they hassle. They will not deal with investors anyway.
When the property is transferred by Trustee’s Deed (recorded) we can usually get good information about who actually owns the property.
I can have my title company send us the most recent recorded documents. (no charge to you).
On most, we have to wait until the lender appoints an REO broker to list the home. The advantage you may have is that you know a particular home and can make a quick (low) offer as soon as it hits the MLS.
Each case is different, but I am always amazed at how hard the banks make it. They should roll out a red carpet for potential buyers.
I will help you in any way I can.
Call or email me anytime (it’s ok to call up to 9pm)
Eric Haggin, Keller Williams Realty