How to Find REO Properties Immediately After Sheriff Sale

REO properties can be found online, in court records, and in newspapers

"Real Estate Owned" properties are bank-owned or mortgage-lender owned properties that have gone through foreclosure and subsequently failed to sell at either a foreclosure sale or auction. Thus ownership reverts to the mortgage servicer and they become Real Estate Owned, or REO, properties.

To find REO properties immediately after a Sheriff's Sale or Trustee's Auction, an investor or home buyer must identify the properties ahead of the foreclosure sale or auction by looking through bank websites, real estate broker lists, newspapers, and court records. That way you've targeted your properties.

Instructions

1. Search bank and mortgage lender websites. Foreclosure listings that will soon go to auction or sale may be available on bank and mortgage lender websites. They are usually searchable by location and may have a filter for price range, floor plan, and square footage.

2. Contact a local real estate brokerage. Some real estate brokers specialize in finding foreclosures, short sales, and REO properties. They often have lists or information about these types of properties that are going to a Sheriff's Sale or Trustee's Auction. Moreover, they have experience in working with investors and other buyers of REO properties.

3. Look through your local newspapers. Foreclosed homes that are to be auctioned or sold at a Sheriff's Sale will be given public notice through the publishing of auction or Sheriff's Sale dates and times. These notices are usually found in a newspaper's legal advertisements section.

4. Search through the county court's records. When a foreclosure action is filed, the county court will make the action public record. Many county courts have an online presence and may likewise have a search tool for foreclosure actions and auctions.

Tips & Warnings

• REO properties are commonly sold "as is," without the bank making any repairs or giving the buyer any money allowances to make repairs.

References

• Buy Foreclosed Homes: How to Buy Forclosures, REO Foreclosed Bank Owned Properties
• John Hanlin's Instablog: Buying Foreclosures and REO Properties

Resources

• "Foreclosures, Short Sales, REOs & Auctions"; Ted Highland; 2009