REO sales

Most counties have online databases showing that info. But my understanding is that most banks these days will only sell by listing with a broker on the normal MLS systems.

you can try here.
http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms_user=monm&passwd=data&district=2020&srch_type=0&out_type=0&adv=2

thanks. i have no knowledge with this stuff - do they tend to be very sticky on price? Are they more difficult to deal with than a normal seller (bureaucracy), or less b/c they have no emotional attachment and just want to get cash for their asset?

most REOs i ran into in the past few months are in such condition that getting a conventional mortgage is difficult. you'll have to go through a special FHA loan that costs a bundle and will require you to get a contractor on their preferred list. the price asked were not cheap enough to make it worthwhile.

i think they are more negotiable when paying cash. in some areas, the short sale prices have been slashed as much as 15-20% when the houses have not sold.

you can also try websites like realtytrac. You have to pay a fee and their info is not always up to date. But it does have a map to show various states of distressed sales in a nabe. The more REO's in the area, the more negotiable the bank.

banks have certain prices they require at certain times for the REOs, so basically it's a numbers game that adheres to an internal schedule that they set. they adjust their prices downward according to the schedule based on how long they hold the property. no emotions.

i recently bought an REO with a conventional mortgage and it was a pain to get the financing done in the short time-period (30 days) that the particular bank required to close the deal but it is possible.