Buying REO's without a agent,,

Foreclosures, Short Sales, Tax Foreclosures
1

I love the idea of buying a reo without an agent, but how would I go about it? I know I would have to speak to the lender but how do I get the info (contact info, agents name ect,) question, when dealing directly with the bank/lender do you still need EM to purchase? EM is my biggest problem, I can rack up on REO’s if I didn’t have to pay EM to a agent, thats why I’m looking to try and go directly to the bank/lender, Can anyone point me in the right direction,
Anyhouse8 out of the ATL

2

Unless you have somewhere between $500,000 and $1M in funds, you can forget about speaking to the lender directly about buying REOs. They’ll only speak with you directly IF you can buy a portfolio of foreclosures from them, not simply one small one at a time. That’s WHY they use those pesky RE agents :rolleyes:

As to earnest money, that’s simply part of the business. And you don’t pay EM to an agent. EM deposited with an escrow agent to show your “good intentions” of actually going through with your purchase. You can make offers without ANY EM if you want. Chances are they aren’t going to get accepted, but you can make 'em. This is true regardless if you’re using an agent or not.

Raj

3

I would call banks and ask them about homes that aren’t listed with an agents. The REO’s listed are not negotiable without going through an agent. The listing is in place for a reason.

Even if you go directly through the bank on purchases, you will still have to show them good faith with an EMD. Not sure how you can avoid putting an EMD on a contract to purchase.

4

Thanks good people for your help, now I have a better understanding of what I have to do from here. You’ve been a great help. Question, you mean unless I have a hugh portfolio they will not even look in my direction, unless thier not listed with an agent,

5

You’ll have better luck finding that needle in the haystack than you will finding a REO that is NOT listed or at least NOT run through a RE agent. Banks simply do not sell their properties directly anymore UNLESS you are a major player. Simple facts.

Raj