Foreclosure Bank Owned Information.
Foreclosure Bank Owned - any information?
Known as "real estate owned" or "bank owned property",
REOs are properties that have been through the auction
process and are now in possession of a bank or other
lending institutions.
Bank foreclosure list providers are everywhere on
the Net today. You've probably seen their ads (or
received their unwanted emails). Some of them even
claim to be networked with 3,000 to 4,000 banks around
the country. This is complete garbage, don't believe it.
There is no such national network. In fact, some banks
aren't even networked with their own branches!
And, since there is no national network or single source
for bank owned foreclosure properties, specifically REOs,
the only way a list publisher can obtain information on
properties is directly from a bank.
This means the publisher must contact each and every bank
and / or their branches and request a current list of
available properties. Unfortunately for the consumer,
many publishers do not do this. These are the online
rip-offs who continue to publish and sell the same old,
duplicated lists of bank owned homes & real estate.
In all fairness to the legitimate REO list publisher,
many bank REO departments do not update their lists
frequently enough. Some properties may be sold. Some of
them may have been off the market for quite some time.
No list of REO properties can be 100% accurate.
After a list publisher receives the lists of REO's,
the information must be compiled; old properties removed
and newly available properties added. The process of
accumulating, sorting, updating and distributing this
information is truly a monumental task.