REO Bidding/Closing

Foreclosures, Short Sales, Tax Foreclosures
1

Hello,

When bidding on an REO, what have you found to be your odds of getting a bid accepted? And are most using the 70% of ARV - repairs formula? And what is the time from bid accepted to close from your experiences?

I have never bid on an REO before, and have had an agent sending me a few possibilites.

Thx in advance, I appreciate all you experienced investors taking the time :slight_smile:

2

Yes, I use the 70% ARV - repairs estimate. I got the first REO I ever offered on and everything worked out well. Since then I’ve made about 10 offers and haven’t got another yet. Bottom line is keep making offers and don’t get emotional and overpay.