Anyone can buy a REO property. You just have to find the correct individual that is in charge of the decision of selling the asset. Here are ways to find bank-owned properties:
- Bank/Lending Institution Websites – Many of their websites post lists of properties that are bank-owned with a listing price and Realtors to contact for more information. In addition, they may list a particular department and/or companies that are in charge of selling foreclosed properties that have or are on the way of becoming REO.
- RealtyTrac.com – This website has properties listed in different categories such as: Pre-Foreclosure (defaults); Auctions; Bank-Owned; Homes for Sale
- Auction Companies – Some lending institutions place their properties with an auction company to sell the asset instead of a realty company.
- Realtor – You can hire a realtor to do the search of bank-owned properties for you!
Using the internet as your tool will be very helpful in your search.