Pushing Dirt

No, it’s not that REO! (wow, could a band look any cheesier?)

Buying REO (i.e. Real Estate Owned by a bank) does not always guarantee a great deal. In fact, a distressed private seller looking to salvage a little equity might be a more motivated seller than a bank that has already expended the time money and energy to take a property through the foreclosure process and now owns it “free and clear” of any debt. That said, some banks are motivated to move this real estate off their books, and often the property has not undergone cosmetic work that would otherwise make it more marketable.

There’s no reason to pay for or subscribe to a foreclosure service. It just takes more digging. Here’s a sampling of links to lender web sites where REO is listed. I’ve listed commercial and residential property here and I’ve included links to the bulk of the Federal Government REO lists and surplus property sites.

These lenders are nationwide and some may not own property in the area where you are looking. This will take some patient searching.

This list is a work in progress. Check back periodically for updates.

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Archon Group - Commercial
Bank of America - Residential and Commercial
BB&T - Commercial and residential
Capmark - commercial
Chase - residential
Citibank - residential
Compass Bank - residential
Countrywide - residential
CW Capital - Commercial
Department of Veterans Affairs - residential
Downey Savings Bank - residential
Fannie Mae - residential
Federal Deposit Insurance Commission (FDIC) - residential and commercial
First National Bank of Alaska - residential and commercial
Freddie Mac - residential
GMAC - residential
Greenpoint Mortgage - residential
GRP Financial Services - residential
Home Loan and Investment Bank - residential
Homesales.gov - residential
HSBC - residential
HSBC Commercial - commercial
IndyMac - residential and commercial
Kennedy Funding - primarily commercial
Kentucky Housing Corporation - residential
Keystone Asset Management - residential
Lenders REO - residential
M&T - residential
Midland - commercial
National Bank of Arizona - residential and commercial
National City Mortgage - residential
New South Federal Savings Bank - residential
NewBridge Bank - commercial
NRT REO Experts - Residential
Ocwen - commercial and residential
People’s United Bank - residential and commercial in Connecticut
Private Financial Services - residential
PNC Realty Services - commercial and residential
REOTrans - residential
Regions Bank - residential
Security National - residential
Suntrust - residential
Taylor Bean - residential
Trimont - commercial
TRIO - residential (requires free registration)
US Bank - residential
US Department of Agriculture - residential and commercial
US Department of Housing and Urban Development (HUD) - residential
US Department of the Treasury - residential and commercial; includes links to GSA, IRS, Marshall’s Service, SBA and other Federal Real Estate for Sale
Virginia Housing Development Authority - residential
Wachovia - Residential
Wells Fargo - Residential
Zions Bank - residential and commercial

Tags: reo

This entry was posted on Friday, January 16th, 2009 at 2:05 am and is filed under investment opportunities. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.