Anyone know the rules regarding REOs?

[treasure trekker]

Anyone know the rules regarding REO's?

Can anyone tell me whether or not we are allowed to hunt houses that have been foreclosed upon by a bank and is now sitting vacant?
thanks in advance!

 

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[dirt diva]

Re: Anyone know the rules regarding REO's?

Can anyone tell me whether or not we are allowed to hunt houses that have been foreclosed upon by a bank and is now sitting vacant?
thanks in advance!

You still have to get permission From owner or bank that foreclosed.Its easier if the financier
is a local business,or bank.Most have a number or name on the notice on property.Also found good to get a document (email or letter stating the go ahead)Have got this on local properties from bank.Always worth a try.

 

[treasure trekker]

Re: Anyone know the rules regarding REO's?

Thanks DIrt Diva,

I have tried contacting a couple of the banks by me but most of the properties are owned by huge banks that are out of state and trying to get in touch with some regarding detecting is near impossible. I can almost see the looks on peoples faces when I call them.....its actually pretty funny!

By the way Did you bag that buck in the pic??

 

[Tom_in_CA]

Re: Anyone know the rules regarding REO's?

You are right when you say: "most of the properties are owned by huge banks that are out of state and trying to get in touch with some regarding detecting is near impossible". You'd probably never get someone to return your call. And if you did, what do you think their easy answer would be? Like you said, they're probably owned by some nameless faceless entity in some other state. So when I see these abandoned houses ............ 8)

 

[dirt diva]

Re: Anyone know the rules regarding REO's?

Thanks DIrt Diva,

I have tried contacting a couple of the banks by me but most of the properties are owned by huge banks that are out of state and trying to get in touch with some regarding detecting is near impossible. I can almost see the looks on peoples faces when I call them.....its actually pretty funny!

By the way Did you bag that buck in the pic??
[/quote

Yes,took in the lowcountry SC.rough score 140.Pretty good for this part of country

 

[treasure trekker]

Re: Anyone know the rules regarding REO's?

I see your point Tom, any tips?

hey dirt diva congrats on that monster!

 

[MD Dog]

Re: Anyone know the rules regarding REO's?

Most of the large banks have property management companies under contract to take care of their investments. You know mow the grass, make sure the roof doesn't develop leaks maintain the landscaping plants etc. That makes the property management firm a custodial owner and able to give OKs to such requests.

 

[treasure trekker]

Re: Anyone know the rules regarding REO's?

thanks MD dog....any clue on how to find the management companies? Cant say I have seen them advertised on the property itself, would the relator assigned to the property know?

thanks!

 

[MD Dog]

Re: Anyone know the rules regarding REO's?

Yes the Realtor would know since the property management group would be acting on behalf of the bank in any sale. Also the Realtor themselves are employed by these same property management companies. As for contacting them make sure you do it in a professional manner, and it wouldn't hurt if you can find a way to scratch their back if they'll scratch yours.

 

[Tom_in_CA]

Re: Anyone know the rules regarding REO's?

It's probably true that ......... eventually ...... after a given amount of time (the wheels of financial fallouts turn slowly), a nameless faceless financial corp. will have some local prop. managment keep up the outward appearance of a repo'd home. But I also see some that are not at all kept up (lawn not mowed, junk mail over-flowing the mail box, etc....), as they are still in limbo. states of one sort or another.

You *might* get permission from such a property management company, but I sort of doubt it. Even though they could probably claim that they have the subrogated authority to allow it, most would probably say "you have to ask the owner, as we're only the manager". In other words, why would they bother putting themselves on some sort of liability risk? I work with a lot of property managers in my business (I own a street sweeper company, so we're hired to sweep streets at MHP and HOA's, commercial properties, etc....). The typical ones I deal with would just be as "nameless and faceless" as the mega-banks above them are. And to the extent there might some smaller-town mom-&-pops property manager Co's, I just don't see them granting a total stranger permission to go onto one of their customer's locations. Not that they care mind you, or would even have noticed, but since you ask, they will probably just say "no".

On a related sort of "abandoned" status: There was a city in So. CA that took over many square blocks of a turn-of-the-century neighborhood for an "eminent domain" urban renewal project. The process of buying out all the homes, giving the owners/renters time to negotiate, sell, etc...., meant that for a long time, there were some sitting vacant, some still occupied, and other various inbetween limbo states. A friend and I just helped ourselves walking yard to yard, figuring that either the city owned them, or whatever. No one bothered us

 

[MD Dog]

Re: Anyone know the rules regarding REO's?

I have no opinion as to whether they'll let you or not as I have no first hand experience So give it a try, the worse they can do is say no Nothing ventured = nothing gained

 

[mrs.oroblanco]

Re: Anyone know the rules regarding REO's?

Here's my biggest caveat on REO's.

They get frequently vandalized. Don't be the only person someone "sees" at the property.

B

 

[treasure trekker]

Re: Anyone know the rules regarding REO's?

Great info! thanks