Who buy’s REO’s without a agent and a hugh portfolio, Does anyone have a man/woman inside contact :biggrin with a bank/lender that would like to start making deals with me here in ATL, ALL I NEED IS JUST ONE DEAL TO GET STARTED, and I’ll be the most faithful investor of REO’s in the history of investing, :halo
As far as I know you cannot buy without an agent. The REO agent/broker has been marketing it as far back as 40 days pre auction, and they count on making the commission on the sale of the property. The bank will not x the broker out. The only way to do REO deals through a person of higher authority at the bank, is to negotiate with them for some bulk REO package deals. Even then, I would think you must have a proven track record to do so. They will not wast their time on one’s and two’s.
There are plenty of great deals in this market. Why focus just on REOs?? Especially, if it’s your 1st deal. You could figure out what kind of properties you would like to aqcuire besides REOs and what your desired exit stradegy would be. Read the forums and learn how to market for those properties. Then, you could have leads coming in, and then you could scout some REOs. The time is coming for REOs to be dumped for dirt cheap, but it is not here yet. Be patient…Just my 2 cents.
Thank you that really makes allot of sense to me. :smile
The fact that REO’s are represented by agents is not a negative. If you find the correct agent to work with, they will actually save you tons of time and headaches. There are even agents out there that will give you a heads up about a property before it actually hits the market. In order to get those relationships you will really need to show them that you have the ability to close.
The only way to work with the banks directly is by finding smaller community banks. Many times they will call potential buyers themselves before listing the properties that they take back.