My partner and I have a little over $300k to invest in REO property. We have put in offers on a few foreclosures that ended up having multiple offers. We lost each bid because we were unaware of the highest current offer and we were never given the opportunity to submit a higher offer. Is there anyway to go directly to the bank and bypass the broker/agent to purchase foreclosures directly from the bank? I also have a good friend who is a broker, how could we utilize him to our advantage? Any help or suggestions are greatly appreciated!
I make offers thru my realtor wife with no commission added in(aka the bank gets more).Also,don’t be disappointed when you lose a (multi offer)deal.Tell them to put you in backup position.I’ve bought two houses this year as backup.It’s gettin competitive,you’ll get a deal just keep makin offers.Best luck!
Hi,
We are making upwards of 60 to 100 REO offers a month.
We look at the listing, run comps, seperate out properties that from experience will not work, and do a drive by on ones we believe will work, then make offers on appropriate properties.
If one of our offers are excepted we then get full comps and arrange an interior walk through with our realtor, then make a quick decision whether we want it or not.
The key is making lots of offers, and getting properties as back up offers is common as some buyers just can not meet the 203k demands or the current 60 to 90 day wait for a 203k approval.
GR
Welcome to the new market!
Many areas are experiencing multiple offers on entry level housing. There is one simple way to GREATLY increase the odds of your offer being excepted. Make your offer directly with the listing agent. Here’s why. The seller/bank is paying a real estate sales commission in the 6% range. The listing agent will spilt that with an agent that brings a buyer. Guess what happens if the listing agent also brings the buyer. You got it! The listing agent now gets the entire 6%. What offer do you think has the best chance of being accepted?
Don’t get discouraged.
Good Luck