Here are some tips on finding the right person to speak with when trying to find REOs from the bank.
Don't try to learn this information over the phone. Even if you are able to locate the person in charge, when you ask about REO properties you will probably be told that there are none, or perhaps only one of two. You see, a telephone call from an unknown person can be threatening. They may think you are a newspaper reporter, a competitor, or a stock holder. You are much better off making a personal visit to the bank, either a main office or a branch.
When you go into the bank, dress the part and look successful. Try looking around to find the person who looks like the "most important" person in there. After you have selected this most important person or learned the identity of a branch manager, approach them and introduce yourself. Then say, "I don't know if you will be able to help me or not, but I wonder if you might know who is in charge of properties the bank takes back in foreclosures?" In most instances, this person will know or can quickly find out. Most often you will be give the name of someone located in the exsecutive offices and that should be your next contact. Be sure to make notes of the names of the person or persons who gave you the REO manager's name.
Rather than call, go to the person's office where, after introducing yourself, you might say "I was referred by Mr. Jones at your Main Street branch. I wonder if you might be able to take a few minutes to talk about some of your REO Properties?" Explain to them that you are a real estate investor. Good Luck and Go Buy Properties!!!
Nancy Geils, Owner and Founder of Investing with the Stars
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This Thursday night at 9PM, EST I have Mike Warren, Preforeclosure and Loss Mitigation Specialist that I am interviewing. He is going to share all of his tips and strategies for finding preforeclosures and how to work with the Loss Mitigation departments at the banks!
If you want to join, click the link above and sign in!