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Known as real estate owned, or bank owned property, REO's are properties that have been through the foreclosure auction
process and are now in possession by banks or other lending institutions.
Foreclosure list providers sell nationwide REO listings. You've probably seen their ads, received
their unwanted emails, or read false, fantastic claims for wealth.
Some services even claim to be networked with 3,000 to 4,000 banks around the country.
This is misleading advertising, fraudulent and only a marketing ploy to attract the inexperienced; don't believe it. There's no such national
network. Some banks aren't even networked with their own branches!
Foreclosure Lists Are Not Created Equal
Since there is no nationwide network or single source for bank foreclosures (REOs), the only way a
list publisher can obtain this information is directly from the banks. 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. These are the online rip-offs who continue to publish and sell the same old, duplicated lists.
Such unscrupulous list providers sometime even claim to have from 250,000 to 500,000 new foreclosure property listings in their database. NOT TRUE! It's a scam. There are probably no
more than 35 - 50 thousand bank REO's available nationwide in the United States at any given time.
There Are Legitimate REO List Publishers
In all fairness to the legitimate REO list publisher, many banks/lenders do not update their lists frequently enough. Some properties may be sold; some of them may have been off the housing 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.
Proper accumulation and recording of quality foreclosure data is dependent on the source, the integrity of the publisher and the method of reproduction used by the provider.
Here's an honest nationwide foreclosure listing service in business for years.
Choose A Reliable Service to Avoid Internet Rip-Off Fraud
Remember, there is no "national network" of banks ...and no REO list publisher can truthfully provide 250 - 500 thousand current listings of bank owned properties. These statements are only promotional
hype (fraud).
The foreclosure list publisher we represent provides data obtained directly from the lending institution that foreclosed on the mortgage, or trust deed relating to a particular home or property.
The database is updated every Monday (excepts holidays). New properties are entered into the database, sold properties are removed. Our list provider does not maintain
foreclosure information reported more than 60 days old.
Additionally (and most importantly), should you want to search available REO properties in the database, you may do so absolutely risk-free for seven days. There is zero hassle
to cancel a subscription and you will NEVER be forced to receive e-mail solicitations from any company (illegal spam).
In conclusion, there are several honest, reputable listing services currently in operation on the Internet, however, we like to recommend the most reliable.
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