How to Locate REO Bulk Packages

REO, or real estate owned, properties are homes that have gone through a foreclosure action and are now owned by the lender. REO bulk properties are simply bank-owned homes that have been lumped or "taped" together. Often, these homes are listed in a spreadsheet format and sold to an investor at a substantially discounted price. The "taped" properties are sold as-is with no warranty and are typically nonrefundable transactions.

Instructions

1. Visit the websites of major banking institutions and navigate to the "real estate owned" section or "foreclosures for sale" section. Search for mention of bulk REO sales in the property listing descriptions.

2. Check government sites such as Fannie Mae, Freddie Mac, HUD and the Veteran's Administration; these institutions also hold REO properties.

3. Contact a real estate broker who specializes in handling REO transactions. Ask if the broker knows of any bulk REO packages currently for sale. If she does not have access to REO taped properties, ask if she knows of any other brokers who do.

4. Join a real estate investor's club. Find a regional or local real estate investor's club through trade publications. Some real estate listing magazines have ads about real estate investment clubs looking for new member investors.

5. Contact the local real estate broker's association. Ask if they have information about brokers or lenders who handle bulk REO sales.

References

• "Millionaire Reo Real Estate Agent: Reo's, Bpo's, And Short Sales"; Edwin D. Adams; 2008
• Bank REO Property Deals: Frequently Asked Questions