First Preston is a real estate management firm that handles REO listings for 20 major banks, lending institutions and government agencies. The are a licensed real estate brokerage in Florida, Georgia, Illinois, Michigan, Missouri, Pennsylvania and Jasper County, Texas.
They have listings in about 2/3 of the states with a listings count on the drop-down menu. They also have HUD properties and foreclosures as well. They also have an auction feature where buyers can place bids on real estate. With so many listings available, I am not sure if buyers are going to want to use an auction format to purchase properties.
Bayview is a real estate mortgage financing company that specializes in “under-served” markets. They service commercial and residential real estate. During this last real estate run-up, Bayview was very active in the market and issued over $27 billion in asset-based securities. Bayview runs their operation under the Bayview Lending Group.
Bayview has a nice website for showcasing their REO listings. At the time of this writing, Bayview has commercial, residential and raw land reos property listings. They have a quick and advanced search for finding REO real estate. Currently they have listings in almost every state. They do offer pricing and pictures on almost all listings with the brokers phone number as well.
Wilshire Credit Corporation is a loan servicer that handles mortgage payments for banks and other financial institutions. After browsing through the website going through various links, I believe they are affiliated with the Merrill Lynch Investment brokerage. I found this by finding a link that goes to some home buying tools that is branded by Merrill Lynch.
The REO property search is pretty basic with a map of the US that you can click on the select a state. One nice feature is that when you select a state is automatically populates all the cities that has REO listings at that time. I have only seen residential listings at this time but I am not sure if they offer commercial real estate also. It might be worth a quick call to inquire. One quick note, you need to allow pop-up windows to see REO listings.
REO (Real Estate Owned) is residential property, which is owned by a lender or bank. It is usually acquired through a foreclosure. The property is then listed by a real estate professional and marketed through their local and national MLS (Multiple Listing Service) and websites such as www.Realtor.com REO properties are generally sold in as-is condition and, as a result the pricing might be more attractive for someone wanting to invest sweat equity or as an investment. However, many of our properties are in “move-in” condition.
From a technology stand point Integrated Asset Services is one of the best websites we have come across so far in our reviews. First off the map looks pretty good with nice little bevel around the edges to give it the visual effect of depth.
(Note: If you are asking yourself why we even mention that, with so many design-less real estate, financial and banking websites we have to give kudos when we see a company actually put some thought into their online offering.)
The one feature I personally enjoy is when you click on a state it automatically brings up a list of all cities that have real estate listings. Another nice thing is the use of Ajax (tech lingo), in simple terms this means when you click on links in their REO search the web page does not refresh, instead it loads in the background. A very little but nice feature for the power users that review many properties listings each day.
We are not sure where they are pulling their listings from but that do have quite a few in almost every state.
Integrated Asset Services was founded by REO industry experts committed to providing services that go beyond industry expectations; from the level of integrity of each employee and alliance to the measurably better service routinely provided.
HMBI is a property management and REO broker that operates in ten states (AK WA, OR, ID, IL, IN, WV, VA, NC and SC). They have a decent search that gives you some additional search criteria options once you select one of there states. They also offer specials based on each state to help with the purchase of one of these REO proporties.
Harrington, Moran and Barksdale, Inc., headquartered in Ft. Worth, Texas, is a property management and marketing company specializing in asset management and disposition of single-family real estate homes. Our team of dedicated personnel, manage multiple single-family homes in ten states for the U.S. Department of Housing and Urban Development.