New player (ZetaBID) enters REO Auctions
The current glut of REO Homes at banks and lenders is reaching staggering proportions. This is definitely a huge problem for the banks holding the REO inventory. The banks’ problems are a boon for auctioneers and brokers handling this unprecedented inventory. The boom is quite apparent from the number of new real estate brokers rushing to sign up with lenders as approved REO brokers and agents. Lenders are also using the services of several local and national REO auctioneers to handle their ever bulging inventory.
Apparently LA Times seems to have tied with another auctioneer to create Zetabid. The entry of new players to assist banks is a positive step as banks have been struggling to reduce the numbers homes they currently hold. Zetabid is taking a new approach to REO auctions. According to the press release:
Zetabid opens up the auction market of REO homes by combining aspects of both traditional and online auction forums. With this new approach, potential buyers can bid in-person at Zetabid auctions, via live webcast, or have their agent submit an offer.
Opening up the auctions process will definitely go a long way in getting competitive bids for the REO homes while also increasing the number of sales. Zetabid also plans to have no off-market time that the majority of other auctioneers require. They also plan to allow buyers to work with their real estate brokers and agents to handle their purchase. In what is a boom time for companies handling bank owned REO inventory auctions, Zetabid seems to be well positioned to capture a good market share with it’s refreshing approach to clear the Banks’ REO logs.
How to find bank & lender REO homes
With the current bust up in the housing sector, there is an abundant supply of REO homes repossessed by banks and lenders. It is a golden opportunity for home buyers and property investors interested in buying residential REO homes. These bank owned properties have been repossessed and thus are in the bank inventory for sale. They use real estate brokers who specialize in handling these sort of properties. These approved authorized REO brokers handle the entire inventory for a given locality. A simple search on google for “reo brokers + YOUR AREA OF CHOICE” should yield the list of such brokers in your area.
The other option is to visit the bank’s reo inventory websites and do a search with your criteria. Usually the REO broker handling a property is usually listed right there, with all the contact info. You can find a list of bank repossessed property on this site. Since HSBC, Ocwen, Countrywide, Downey Savings, Citibank, Wachovia and Chase are some of the major lenders facing sub-prime and prime borrower defaults, you can visit their sites and get a big inventory of REO Homes for your particular state or area.
This is a great opportunity – probably, the best time in history to pickup great properties for pennies on the dollar.