How do I approach this REO…Should I just inquire as a regular homebuyer to access the home to complete a Rehabb report? Any help would be greatly appreciated.
Little confused. Are you NOT a ‘regular’ homebuyer?
Without more detailed info, I’d say that you approach this REO like any other, call up your local friendly neighborhood RE agent and have the show it to you.
Raj
could you send over are few details about the REO, so we can give you better advice
I think they mean that they are an investor rather than an owner occ.
The answer is that it doesn’t matter. When purchasing an REO the asset manager doesn’t care if you are an investor or if you plan on living in the home. The only thing they care about is if you have the financial capability to purchase. The faster the closing can be the better chances you have of getting acceptance.
If I were you, I would do your due diligence on the property and figure out what the rehab costs will be and any other expenses to bring the property back up to fair market value. Be as honest and accurate as possible, the REO Realtor already submitted their report as a BPO so the asset manager will have something to compare your numbers too.
It’s best to have all of your docs in a format that can be easily emailed. Asset managers spend the majority of their time on their emails…some prefer to do most their business by phone, but they are few and far between.
To access the home you will need to get in touch with the Realtor. They are the person in charge of everything pertaining to the property except for accepting an offer. They are only the middle man between the asset manager and the potential buyer when it come to getting an offer accepted.
GooD LucK! :beer
Matt was correct. I meant that I will not personally occupy the property…but then why should they care? The property is owned by Wells Fargo, and I can’t seem to get the realtor on the phone. I’ve left countless messages for her…just no reply in 4 days is ridiculous. I went by the property several times…no signs are up and I tried to look thru the windows…but screens are gunked up. There’s not even a lock box there…so I definately need the agent to get in there. Any suggestions how to get access?
Tony
You need AN agent, not really the one that is listing the property. Just call up one that you know and get in to see the house, make your offer and go.
Raj
If there is no lockbox, then how do you know the property is listed for sale with the agent you are trying to contact?
As an aside, if you contact the listing broker (or their agent), they may be a little more likely to work with you on price, as they get both sides of the commission instead of giving it up to a cooperating broker… or so i hope… :biggrin
bdub,
That is the most often quoted myth that there is in RE, I do believe.
First, the agent has no control over the price, so they can’t work with it at all. The seller determines if it gets sold or not.
Second, the listing agent’s duty is to the SELLER of the property. Unless they are YOUR agent (ie, an actual contract-bound buyer’s agent) as well, their sole goal is to work in the best interest of the SELLER. If you do have an agency relationship with the agent, then the BEST that they can do at that point is be a paper-pusher. “Sign here, Sign here,” is about all they can legally say to EITHER party.
Raj
I totally agree with Raj. The listing broker’s fiduciary duty is to the seller. Having just one agent for both bueyr and seller is like having the same lawyer for plaintiff and defendant in my opinion. Get an agent that will represent you and you alone in any transaction.
Guys, you are all overlooking the obvious – there is no lockbox on the property !!
What makes anyone believe this is a currently listed oroperty? How do we know there is even a listing agent? Maybe there was at one time, but I bet that listing expired and the agent is out of the picture.
I found the Listing agent, and it turns out, that several other investors are already competing for the property. I said how’d they find out when I KNOW my source was very secretive about this deal. She said they were investors on her E-List? I asked to be added for future deals. Thx for all the info. No lock box because she was personnally showing the property to “her” E-list, guess there were alot of them.