If you are getting frustrated with companies who perpetrate access to an exclusive line of REO listings, only to find (after registering) that they are in fact, bunk… you’ve come to the right place.
Here is why bait-and-switch marketing practices are prevalent in the REO space:
- Public records indicate which properties are in default.
- Just because they are in default (i.e. late on their payments) does not mean they are available for sale. The owner still has the right to catch up payments, and even if they don’t, there are about 120 days of processing that must first occur before they foreclose.
- REO’s have tons of nick-names, like “bank owned”, “real estate owned”, “notice of default”, “NOD”, “notice of sale”, “nos”, “public auction”, “tax default”… and the list goes on!
- Because anyone can pull public records, and because there are so many confusing names for REO’s… some companies are making money by exaggerating the features of what you are looking for… namely “a good deal”.
- In the end, they pass off homes (that may technically, at some point, go default)… as homes that are genuine REO’s.
- They do this to attract as many “leads” as possible so that some percentage of them will end up buying other listings that are active… some REO’s… some not.
In my experience, there are only two good ways to identify REO’s:
- Go direct to lender’s websites… but they only have their own listings, not other lenders. And you will likely end up with an agent representing you who also works for that lender.
- Manually search the confidential remarks in the MLS database. The only people who have access to these remarks are agents. It is rather labor intensive to sift through pages of listings for just the REO’s, but if you partner with me by providing specifically what you are looking for… I will do this for you.
So you see… I ask for your “registration” too. But instead of trading your email address for bunk information, you get real value, and not just its mere perception.