FDIC REO Property Listings

July 28, 2008 by · 1 Comment
Filed under: National REO Banks 

Federal Deposit Insurance Corporation (FDIC) has a REO property search online.  It is a very basic search function with listings in every state.  What is not basic is the type of properties you can find.  Not only do they have residential listings but all sorts of commercial properties like Office, Hotel, Restaurants, Farm Land and Industrial.

The listings them self have basic information about the property.  We did not see many pictures on the listings we reviewed and some had incomplete broker information so you will need to get on the phone with the broker to get some concrete details.  They do also have a bargain property section that looks to have some reduced priced real estate mostly located in the hard hit areas in the U.S.

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Fannie Mae Owned REO Property Search

July 27, 2008 by · Leave a Comment
Filed under: National REO Banks 

Fannie Mae has a feature rich and easy to use REO property search. With the recent raising of the conforming loan limits, Fannie Mae has taken many loans on to its book in recent times and it shows with the number of real estate property listings. They are all residential with single family up to 2-4 unit properties. They also have condos.

At the time of this writing, they had REO listings in almost all states except New York. You can sort your searches by City, Price, Type and Zip Code.

Information About FannieMae:

Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.

Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America.

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Citi Mortgage Bank REO Properties

July 27, 2008 by · 5 Comments
Filed under: National REO Banks 

Citi Bank through its subsidiary CitiMortgage has its REO listings available on its website.  It is a pretty clean website with a robust search function.

At the time of this writing, Citi has only residential REO listings with single and multi-family property listings.  Citi has listings for almost every state in the U.S.

The listing themselves do not have pictures or any additional information about the real estate.  They do list the brokers phone number.

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Virtual Bank REO Listings

July 20, 2008 by · Leave a Comment
Filed under: National REO Banks 

Virtual Bank is a pure play online bank based out of the Palm Beach county Florida. There business model operate without their own ATM banking network or numerous banking money centers. They state that translates into higher yields on your deposits and investments.

They have a simple REO listings that is listed by state and city all on one page. The listings do not give too much detail. with many asking you to call for more pricing and description information. It looks like they only have residential listings at this time.

Bank Information:

VirtualBank, a federally chartered, FDIC-insured bank based in Palm Beach County, Florida, is the Internet Banking Subsidiary of Lydian Trust Company. Serving a growing base of banking and lending clients nation-wide, the VirtualBank division is one of the five financial business groups that comprise Lydian Trust Company.

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Fidelity National Default Solution REOs

July 20, 2008 by · Leave a Comment
Filed under: National REO Banks 

At this point I don’t see any information that suggests this company is related to Fidelity Investments. Instead of having REO listings on their website they actually promote another website called “BuyBankHomes.com”. The website they promote is pretty nice and looks like some real effort went into developing this REO listing solution.

They have taken a different approach compared to other REO and foreclosure websites. They make you sign-up for a free trial that turns into a paid subscription after 7-days. This might work but I am thinking that with the amount of free REO information out there that this might have trouble gaining major traction. They do try and add value to the offering by giving you access to training videos and a mentoring program.

It is a nice website that is well developed but as to the question of if it is worth a monthly subscription, at this time I could not tell you. We may contact them for a free trial account login to give it the full review and post a follow-up review here.

REO Info:

Smart buyers already know that bank-owned homes represent some of the best bargains in the housing market, and more are discovering the benefits of buying REO homes every day. The problem has been finding an effective way to market your bank-owned properties to buyers, investors and real estate brokers throughout the nation, quickly, easily and affordably.

BuyBankHomes, the state-of-the-art online REO marketplace from Fidelity National Default Solutions (FNDS), offers the ideal solution – effectively bridging the gap between buyers and sellers, giving you everything you need to market your properties more efficiently, to more people, than ever before. With BuyBankHomes, your properties will be seen by a nationwide, 24-hour market of highly motivated buyers and brokers, at the lowest possible cost.

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