Newbie REO Question

Foreclosures, Short Sales, Tax Foreclosures
1

Hello all,

Thx in advance for reading my post.

How much research/evauluation do you all do before submitting an offer on an REO property? I mean, if odds are you have to make 100 offers to get a 3-5 or even 1 accepted, how much time do you spend on each property?

I’ve looked at several of the bank websites in my area for REO’s and they mostly have pics and assessed value, which from the areas i’m familair with, most are accurate and prices are listed near the assessed value.

I have considered making some 70%ish offeres on a few bank owned properties i’ve researched and had my realtor send me comps.

2

I’m often very tempted to make offers by just looking at comps and information on the web. I’m not there yet, but it would save a lot of time. The problem you run into is the repairs that are needed. That’s hard to estimate if you don’t visit.

If you make offers at 70% ARV make sure you throw in a number for repairs.