does anybody actually consistently make money buying/selling REO’s?
In my area of the country (SC) there are hundreds and hundreds of available REO’s and everyone of them that I can find are listed w/ realtors and the sell price is usually w/ 10-15k of market value and sometimes priced at market value. I’ve not seen a significant reduction on any of them…even the ones that are in bad shape.
IS there a trick to getting the bank to accept a lesser payoff?
thanks!
the ones that are not in good shape are going to be the ones that you are going to be able to get a big discount if at all. you need to be able to prove to them why they should take the discount. get some comps in the area show the lowest one. get some contractors to give estimates. let the bank know how much they could save in maintance every month if they sell to you. and reo would tell say let them know for every dollar on the books they have its 7 dollars they cant loan out. also make sure its not fha loan or va loan as they are insured and they arent going to care much about taking discounts. im sure some more experinced guys can give more info
have a good one
Hello,
The trick is to perform a shortsale on the properties that the bank/realators are trying to get full market value for.
Try out this company www.shortsalemaster.com or email me for the owners direct number for he is performing a shortsale for one of my properties in GA.
If you contact them through the website tell them Anthony referred you.
Thanks a Million…
Tony