How would I find REO complilers that work directly with banks? I want to avoid broker chains.?

Question

I've figured out that just calling the banks 1-800 numbers don't work. How do i find contact numbers for these people? I'd love to put togther a portfolio purchase asap.

Answer 1

Most lenders contract with real estate agents to dispose of their REO properties. The lenders with whom we work assign us the listing as soon as they initiate foreclosure action. That way, as soon as title is transfered to the lender, we are 'up and ready to go'. You may have some luck pursuing what you want with local banks which have 'kept the mortgage in house.'

Any mortgage which is written and moved to the secondary market won't work as you suggest. Those lenders have no desire to work with individuals.