I have started doing some research on this subject. I mean deep research and I have contacted some local and some not so local banks. I have also contacted some Government agencies who oversee these homes.
It seems that when the banks finally foreclose on a home, (It takes non payment of over 1 year to the bank on the mortgage to be foreclosed on). If the home owner keeps paying the property taxes and just stops paying the bank, it seems the banks (especially now) don't want to deal with having to take the home back.
REO's or "Real Estate Owned" is what the bankers call the foreclosed homes and properties on their books and in their possession. They give the listing directly to a Real Estate Agent in their area who specializes in foreclosures. I have found the name of this individual after many phone calls and conversations with bank personnel.
Do some google searches for REO's in your home town and you will be amazed at what you will find.
More to come from my experiences as I start to make more and more calls and gain contacts in this area.
bc
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