When the loan-to-value ratio is high, the property might not attract bids, and the asset reverts to the lender. Bank REOs can be great values in the real estate market. Likewise, they can serve up some real stinkers, so be thorough in your research. Here are a few sites to check:
Bank of America REO CitiMortgage REO Fifth Third Bank REO Huntington REO PNC Financial Services REO SunTrust Mortgage REO Wells Fargo REO
This list includes well-known banks that cover national or regional areas. You can find other bank-owned properties by searching for the bank’s name plus the term REO (for example, MyBank REO).
HomePath—Fannie Mae-owned foreclosures HUD REO—Housing and Urban Development-owned real estate HomeSales—Government-owned foreclosures and seizures USDA-RD/FSA—Rural Development and Farm Service Agency REOs IRS properties—Homes, real estate, and other property that has been seized by the IRS
In addition, your county or city government likely has its own foreclosure list. Ideally, they share this on a website; if not, you’ll have to make a trip to the county or city clerk. In most cases, basic information about a property is available even if you don’t subscribe. Typically, though, subscribers have access to a good deal of additional detailed information about the status of properties, such as conditions, histories, and concerns. Some services to check out include:
RealtyTrac REO—Free trial, then monthly subscription Foreclosure Listings—Seven-day trial, then monthly or annual subscription Foreclosure.com—Free trial, then weekly subscription Equator—Free, with the ability to save searches and properties, access maps, and more
