Playing by REO rules a tough sell

Mood of the Market

I got a call from a would-be investor the other day. She had an address and insisted she needed to buy this property, which was bank-owned. The rub? It wasn’t listed on the Multiple Listing Service (MLS), but it had been previously. I took the address, looked up the title information, and made calls to all my inside contacts with that asset manager and bank — all of whom very politely asked me to tell this gal to take a flying leap.

This lady was nothing if not tenacious. She’d attended several get-rich real estate seminars, watched a bunch of infomercials touting buying bank-owned homes as the next great real estate investing scheme, and she would not take "no" for an answer.