REO Not yet listed on MLS

[Jeff Warner]

I was out farming an area today and found a couple homes that we're traditional vacant/boarded up so I wrote down the addresses. When I got back home I looked them up and noticed both we're just recently purchased by banks (both purchased in May) and had no Realtor sign in the front yard. So here is my question:

Since these are NEW and not listed on the MLS, do I contact the bank directly to negotiate? I think this should be a good opportunity to grab these before they are listed, just not sure how to proceed. Any REO experts have some feedback? Any help would be appreciated. Thanks.

Jeff

[Steve Babiak]

Jeff,

After the foreclosure auction, properties become REO, but they won't hit MLS immediately. Keep driving past such houses, and look for a "sign" posted on the door; usually, it is notifying occupants to notify the agent handling matters for that house. When you see that sign, get info from that sign and make contacts.

Oh, one I was watching after auction had a sign on it the last time I drove past it. That was a "Condemned" sign; apparently, after the auction, the house caught fire. That's a bad sign for the owner of that REO. Sorry about the puns.