Kalamazoo Realtor provides free lists of Foreclosed Bank Owned Homes for sale in Michigan

FOR IMMEDIATE RELEASE
Kalamazoo, Michigan, United States of America (Free-Press-Release.com) September 5, 2010 --

We have all seen those late night ad's on TV where you can call a toll free number for a list of Bank Owned homes for sale as low as $1000. For a low monthly fee charged to your credit card, they will mail you a monthly list. The only problem is, by the time you get the list, the bargains are already sold. There are numerous paid web sites online to locate foreclosures for a montly fee. These pay sites usually offer a free trial period but require a credit card number. These sites generally require a fee from the listing Realtor to post their bank owned homes to their web sites. A subscriber will only find those listings that have paid to even be on the list. The problem with these "entertainment only" foreclosure lists is that the data is old. In some cases 6 months or more past the actual date the foreclosed property was sold. According to Kalamazoo REO Realtor Richard Stewart, he receives calls from subscribers of these lists showing his properties 6 months after they have been sold. The list compilers obtain many of these listings from free online sources that anyone can use if they had the time and knowledge to do so. As a result, when a property sells, it does not necessarily come off the list. " I recommend that anyone interested in buying a bank owned home contact a Realtor who specializes in Bank Owned Homes and not pay for these entertainment only lists", Stewart says. " There are approximately 700 Realtors that are members of Gkar. Of the 700, only about 5 of them work exclusively with Foreclosed homes." To locate a local Realtor who specializes in Bank Owned homes, simply go the the website of any of the large banks such as Wells Fargo, Bank of America, JP Morgan Chase or even the HUD website and click on their inventory of homes for sale. These agents have been selected by the bank for their knowledge of the unique business of REO. REO, short for Real Estate Owned is the industry term for Bank Owned Homes that have been acquired in many cases through foreclosure or deed in lieu processes. Some of the banks will even allow buyers with less than perfect credit, to purchase these foreclosed homes on Land Contract terms. However, generally these homes are sold for cash or the buyer will need to obtain a mortgage. Some of the banks will require a buyer to prequalify with a certain mortgage company to determine their credit worthiness. This is to prevent unqualified buyers from taking a property off the market when they had no legitamate means to purchase. As with any home purchase, the buyer should complete thorough inspections to determine the condition of the property before they close the sale. Bank Foreclosure sales are different from traditional sales as there is often no known history of the property from the previous owner. In order to bring buyers and sellers of Bank Owned homes together, Stewart has launched www.REOmamma.com A free resource to help buyers locate Foreclosed Bank Owned Homes. The site is free and no credit card is needed. The site includes links to many major inventores of Bank Owned Homes including Wells Fargo, Bank of America, JP Morgan Chase, HUD, Keystone Asset Management, Altisource fka Ocwen, OneWest Bank fka Indymac, Gmac, CitiMortgage, USbank, First National Bank, REDC Auction and many more.

Prior to opening his own brokerage, Richard Stewart has 10 years of
experience in investor mortgage finance. When the subprime mortgage
market collapsed, Stewart was uniquely positioned to aid major banks
with local expertise and a commitment to technology for the fast
disposition of their bank owned/REO home inventories. Stewart has
held his Michigan Real Estate sales license since 2001 and has since
worked in Real Estate exclusively with bank owned homes. His original
REO client was Homeq but the list has since grown to over 50 REO

clients. Since the brokerage opened in March 2009, it caters
exclusively to this niche market. REO Specialists llc has also been
certified as a HUB Zone business by SBA. This certification helps its
bank clients meet their supplier diversity goals. REO Specialists llc
accepts assignments from the Fannie Mae rental property program.As
a result of his bank contacts, Richard Stewart compiles the exclusive
list Richard Stewart's FREE list of Foreclosures, Land Contracts and
Short Sales that has a subscriber base of over 2000 investors eager to

invest in bank owned homes. In addition to ownership of REO Specialists llc, Richard Stewart holds
the technology certification of ePRO and serves on the Technology
committee of the Greater Kalamazoo Association of Realtors. Stewart
also volunteers as a foster home for the Kalamazoo Animal Rescue
and actively promotes the National Animal Rescue.
Richard Stewart
REO Specialists llc
914 S Burdick St
Kalamazoo MI 49001
269-345-7000
www.REOmamma.com

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