A great place to start is actually to work with a broker in your area who specializes in REO properties. Not all brokers do this, it takes a lot of work on their behalf to stabilize the properties, prepare market reports, obtain estimates to prep the properties for the market and provide continuous data to the lenders or REO asset managers. Buying an REO is definitely not the same as purchasing a non-REO property, the process is usually quite cumbersome, requires additional paperwork compared to typical transactions and also take much more time. If you choose to travel to the courthouse and obtain info from the recorder, you sometimes may be able to contact the loss mitigation department for a lender and get somewhere, most likely, the best avenue is truly to find those brokers handling REO's to advance your efforts in a more timely fashion.
Oct 28, 2010