i drive by 3 bank owned properties that looks like they could use some work. are these the type of properties begginers should try to persue. does anyone have any sugg on how i should approach these properties.
How do you know they are bank owned? Publicly listed? If that’s the case, you better believe they have offers on them. LOL
Mind you, this is coming from a tired RE agent.
Here’s my humble experience: Banks are ALWAYS willing to negotiate, especially if you bring them some substance
Comps, bids from QUALITY contractors, a strong offer, all of those will do the trick.
With the right purchase price, you could wholesale the contract and flip the information to an investor. The problem is, if you are trying to wholesale it becuase you absolutely cannot afford the home, than you may have a problem. I don’t know of ANY lender who does not REQUIRE a preapproval letter.
Also, in the event you can’t find a buyer, …well…that’s where my knowledge stops. What happens then?
What are you going to do with them? Flip? Wholesale? Buy and hold?
My humble experience is different. Banks are NEVER willing to negotiate when they first list the property. They lower the price every 30 days and after it sits for 90 days THEN they start looking at offers. As reo’s increase this will probably change, but until then… patience is needed if you are trying to buy reos.
Interesting…I always thought lenders behaved the same on a short sale as with an REO
thanks for the tip