Bank Reos

Foreclosures, Short Sales, Tax Foreclosures
1

Anybody have suggestions for the best Bank Reos website? Also any ideas for making offers to the banks would be appreciated.

2

Where I’m located, these make it back on the MLS just like everything else. There’s a line in the listing for Foreclosure: Yes or No
Sometimes you have to be patient with the banks to let their prices drop back down into a realistic range. Seems like a lot of times they just look at the amount needed to not take a huge loss so they list the price there rather than a competitive price that will result in a quick sale. After the listing sits on the MLS for awhile, they’ll usually mark it down so many percent every month or 45 days (at least in my area).

3

Find an aggressive realtor who specializes in working with investors who buy REO’s. Anyone else won’t have the patience or persistence to help you. I’ve found several through Craigslist.

Many agents now say they specialize in short sales. Forget these too and don’t bother trying to buy directly through the bank. The MLS is your best bet.

Banks want to see all cash offers, with a 10 day close, and absolutely no contingencies.

4

I’ve noticed the reverse trend as well…

Listing properties for under market value/comps in order to get a bunch of interest and offers.

This causes a frenzy of interest , and the properties can go for way over the asking price.

It’s frustrating…as many times the banks/agents do not even get back to you or counter as they just select

highest and best…

this leaves people no option but to submit a bunch of offers

So even buying something at the “market price” is not so easy.

5

Each bank usually will list all their REO’s with a single agent. scour the MLS and figure out who these agents are. You may even try calling the bank and asking. Tampasteph is coming out with an ebook about REOs that you should look into. All she does is REO’s and is doing quite well.

6

thanks guys, a lot of good info I intend to use.

7

Give me a call, I am working with a company that has been selling REO’s for over 19 years, we are back by a hedge fund and buy REO’s from all the major banks. We have tons of different packages to choose from. If your a small time or big time investor it does not matter, we have something for you. Give me a call or shoot me over an email and we can get you a break down of exactly what we can give you.

Kevin
510-673-0913
kevin.hutchins@inbox.com