I want to specialize in foreclosures. Who would I speak with at the banks?

Teresa W asked:

I am starting a junk removal company. I want to specialize in foreclosures. Who would I speak with at the banks?

July 4th, 2007 |

2 Responses to “I want to specialize in foreclosures. Who would I speak with at the banks?”

Poor Horatio
July 7th, 2007 at 2:24 pm

Ask for the department that handles REO’s. That stands for Real Estate Owned properties that did not sell at the foreclosure sheriff sale and were returned to the banks. The banks will try to get them listed with a real estate agent to sell them but they will need preparation after the current tenants are evicted.
Brad R
July 9th, 2007 at 12:07 pm

Just look up your local banks in the phone book, call and ask to speak with the person who handles their forclosurers or OREO’s (Other Real Estate Owned) properties. Tell them who you are and what you do.

don’t waste time calling your large national banks….then handle their forclosurers out of their headquarters, many times in other parts of the country.

Have an open mind going in though. Just because there are a lot of forclosurers on the market now doesn’t mean that these are the only forclosurers banks have ever had. many times banks have worked with other companies and individuals who do this type of thing for many years.

I work at a bank and am their OREO Officer. Over the last few months, I have started receiving about 4-5 call a week from people wanting to do just as you are.

Have references. No one is just going to hand over keys to their properties to someone they don’t know and don’t have recommendations about.
Good Luck.