How Investors Use Bank Prospector To Get REOs & Notes (Review)

For many interested in real estate investing, they are constantly looking for ways to buy the right properties and notes in order to turn a good deal. Buying off-market homes, non-performing notes, and REOs that banks have been holding onto for too long can turn major profits.

The problem with all of these techniques, however, is finding the right properties to begin with. This type of data is not often listed individually, and coming across it can be hard. Bank Prospector reviews reveal that this service is popular with investors looking for unique investment opportunities that they might not come across without the right resources.

Bankprospector: is it worth your investment? Today’s explanation of their services should help you make that decision.

A Table Of Contents For BankProspector

Bank Prospector Rating

Today, our Bank Prospector reviews bring the site in at a three- out of five-star rating.

Bank Prospector Review

Bank Prospector RatingFor landlords looking for non-performing notes to turn into rentals or real estate investors hoping to pick up a pack of REOs off a bank, Bank Prospector does have a lot of basic guidance info that can get you into the right buildings.

From there, however, it is up to you to connect with the bankers and other middlemen to actually complete the deals as REO and note deals are person-to-person deals. For that reason, Bank Prospector earns a ⅗ star rating. It can give you a useful starting point, but the intel it provides will not be enough on its own.

Pros

  • Databases updated nightly
  • Info on both non-performing notes and SEOs
  • Lots of contact information for banks and credit unions
  • Easy to use

Cons

  • Contact information is crowdsourced; banks won’t always be interested
  • Doesn’t help guide your actual person-to-person connections

Bank Prospector: What It Offers

Bank Prospector: What It OffersBank Prospector specializes in creating a database of which credit unions, banks, and lenders have non-performing notes and REOs in their possession. The service offers investors like you access to this information and some analysis tools for REOs, foreclosures, and notes.

On the site, you can do a search of all institutions that might be carrying distressed assets. Once you’ve picked an institution to contact, Bank Prospector shares contact information for representatives there. Once you connect, it’s time for you to get to work on the deal.

In the end, it is still your responsibility to do the deal, but Bank Prospector sets you up with the right contacts so that you are not wasting your time contacting institutions that don’t have any distressed assets to contend with.

Bank Prospector Reviews Say…

Whether or not using a service like BankProspector is going to work for you is going to depend on what type of investment work you are trying to do and how you plan to move in. Getting information on who holds REOs and non-performing notes in your area is useful, but there are many other steps that BankProspector doesn’t help with.

This tool is useful for investors who know how it can be utilized in their larger plans. If it fits yours, then there is no reason not to move forward with the site!