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Updated almost 8 years ago on . Most recent reply

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42
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Amber Stevens
  • Newman, CA
5
Votes |
42
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How to find bank owned REO agent

Amber Stevens
  • Newman, CA
Posted

I attended an auction for a property I had analyzed and wanted to bid on.  Bid had been previously unpublished, but when I got there, found out it was way too high...esp for the condition that it was in.  No one bid.  So now, I guess it's back to the bank?  How can I find out who the agent is assigned to it?  There was  a locksmith out there last week.  He told a family member of mine that was nearby that he was "hired by an agent".  I have property radar, but I can only see that it's now bank owned....

thanks in advance!

Most Popular Reply

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546
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445
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Sean OToole
  • Investor
  • Truckee, CA
445
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546
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Sean OToole
  • Investor
  • Truckee, CA
Replied

@Amber Stevens, while Joel is probably right about the property not being a deal now that its been assigned to agent, it will at least be reduced to "market" value when it comes to market, which sometimes doesn't happen at auction. It's too bad your family didn't get the agent name from the locksmith, that is definitely a good way to find out who the listing agent is before it hits the market. Sounds like the property is vacant, otherwise I'd suggest contacting the current occupant and offering them $100 if they'll call you with the agents name once the agent contacts them with a cash-4-keys offer. At this point you have three choices, 1) use a service like the Lane Guide to find a contact at the bank and try to get the agent name from them (typically not easy), 2) camp out at the property until the agent shows up, or 3) just wait for it to be listed. Given that a locksmith was already there, I'd expect it to be on the market fairly soon. Regardless your probably looking at the price being close to market value at this point.

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