Zero Success with REOs

[CharlottePlayer]

Whatever works for you dude.  Maybe you have a special lingo or something.

I will submit one of those like you say this week, to see how everything goes.

[Roger J]

A POF letter is no big deal, guys.  I can get a POF for my dog if I need it.  And yes, most banks require them when presenting an offer.

As to the EMD, I now always put in my offers that EMD will be submitted upon acceptance.  Again, not a big deal, especially if you're working with an RE agent that has experience dealing with you (ie, you actually close the deals).  They can get the offer through and accepted.

Financing contingencies only become an issue with REO's when you are trying to go conventional.  Non-conforming is the box that you should be checking.  Remember, it's all cash at the closing table.  All the lender wants to know is that it'll happen fast.  Conventional loans aren't fast.

As to that, all of you are putting too much emphasis on cash or financing.  It's ALL CASH at the closing table.  You can say that you're buying for "cash" and get financing.  You can say that you need financing and buy with cash.  The seller isn't going to know, or care, when you're at the table.  All they are going to want is their money.

Raj

[OlympiaHomeBuyer]

Hey REO,
What is the Wells Fargo/PAS website? I know the Ocwen one. What are some other common banks that will list REOs on their site? (please list sites) I am in Washington, I think I am well outside of most of your area, so feel free to share.
Thanks,
Ryan

[blueboxer]

I have a free site that lists a lot of banks and there websites for REO. I will get it for you all in a sec.

[blueboxer]

Here is is:
http://www.thedirectoriescompany.com/reos.htm

[NoMoneyDown]

Good info, blueboxer - thanks for sharing!

[OlympiaHomeBuyer]

That's awesome.  Thanks.

[REO]

EMC

https://www.emcmortgagecorp.com/EMCMORTGAGE/