REO help!

[steve-o]

I'm going to be moving to Fresno next summer. I am currently looking at the NOT's that Chicago Title has been sending me, to see an ever growing list. I'm kind of green in the REO game and this will be my primary residence. Is there anyway to find out the results from the auctions to see which one's didn't sell and the going rate of the one's that did? Chicago Title does not track them. County?
Do all these properties go to a central auctioneer? or does each lender put them up. They all have the same date, so I assume it's a group thing. Over 50 last week.
If it doesn't sell at auction, when is the best time to make an offer. Right away or let it sit and fester?

Thanks team!

[Matt Gilmer]

I'm going to be moving to Fresno next summer. I am currently looking at the NOT's that Chicago Title has been sending me, to see an ever growing list. I'm kind of green in the REO game and this will be my primary residence. Is there anyway to find out the results from the auctions to see which one's didn't sell and the going rate of the one's that did? Chicago Title does not track them. County?
Do all these properties go to a central auctioneer? or does each lender put them up. They all have the same date, so I assume it's a group thing. Over 50 last week.
If it doesn't sell at auction, when is the best time to make an offer. Right away or let it sit and fester?

Thanks team!

Hey Steve, why not contact an REI Club in Fresno? Look on craigslist and get on some email lists for wholesale deals? Look up the "we buy houses" guys in the local paper and give em a call. I think you will have a better chance at getting a deal from an investor out there. REO's are good but you need to make alot of offers to get a deal. If nothing else you save the 5-6% Realtor fee and you should be able to get a deal at 70-80% of value.

[alexis mcgee]

Hi Steve, Dan asked for my help here. You are doing this the hard way. Rather than track NOTS data, why do you not just call on newly recorded Trustees Deeds (REOs)?

You can find out the #s of foreclosure filings at Foreclosures.com. For our press releases just go to Newsletter, Author Index, Foreclosure News Nationwide. They are all there, along with your breakdown of #s by region.

No there is no central auctioneer. Every lender hires their own private trustee firm. You will see those listed on the NOTS. No they all have different dates, based on when the person went into foreclosure, add 90 days, then 21 days.

Best time to make an offer is with the owner in default, before the auction. Too much collusion at the sales. Lenders not motivated to discount what we need to make it work, yet.

Take a visit to foreclosures.com... the answers are there for you!

[Brian Barringer]

Hahaha Lol why dont you move to the area and rent until you get a good feel for the market and then try to pick up a REO on the cheap.

there are a few outfits that sell the bank homes in bulk.

A lot of REO's in california are now on the open market.

In my town of Tracy there are about 100 homes listed as REO's.

Below is a link to forclosure stats for my area, Tracy, ca
http://tracyrealestate.blogspot.com/2007/08/forclosure-market-report-for-tracy-ca.html

Homes below are through a bulk auction.
http://www.ushomeauction.com/auction_details.php?show_hide=&dynamicCounter=&jsVenue=&totalVenue=4&stateIDLeft=&countyID=FRESNO&beds=&baths=&propertyAddress=&propertyZip=&venueCode=&auctionID=H-006&check=&search=1&view=1&listPaging=25