What to do?

I am a beginning investor and I regularily go to ocwen and fannie mae websites REO’s to purchase.

I call the agent and they give me a local agent to contact.

Now the property is listed for example as a SFH 5/3 for 68000.00 in a nice area.

I drive by the residence and the sign lists the agents’ name and phone number.

I do my research and call the agent. I try to set an appointment but the agent says it was sold. I have been driving past this house for the past 2 months and it still has the sign up and there has been no movement on the property.

I have noticed this with quite a few of our properties down here in Florida that are REO’s.

Does anyone have any advice that I can get around this situation?

:help :flush

Know your neighborhoods and call the agent and see if the properties are available BEFORE you go driving around…

asset managers are so backed up right now that they are not able to get all of their offers in a timely manner. Some of them even months late. If there is a property that you are interested in you need to stay in touch with the agent. Clarify if the property is sold or under contract. Even if its under contract and an offer has been accepted something could happen and the property will go back on the market.

Also, keep in mind cash offers are preferred.

GooD Luck! :beer

Thank you for the advice. It is greatly appreciated. :monalisa

no problem.

GooD LucK! :beer

I submit ALL my offers with a letter from my bank that includes my account balance. I make sure that the balance is ABOVE the OFFER! Basically, it’s PROOF of a CASH deal. I also include the term…can close in 5 days.

Even with THAT the banks are so screwed up it still takes WEEKS for them to get back to you.

I recently made an offer on a foreclosed home that needed to be cleaned out (previous owners left everything) Most banks are cleaning these homes out PRIOR to listing them. This home had NOT been cleaned out so I made an offer that stated I would buy the home AS IS, with NO CLEAN OUT.

Their response???

We can’t even LOOK at an offer until the home has been cleaned out??? :shocked :shocked :shocked

No wonder these banks are losing their @SSES!!

Imagine this conversation, only it’s a HOMEOWNER not a bank…

Sir, I’ll buy your house AS IS, you don’t have to repair ANYTHING…

(Homeowner) Well, I’ll be honest with you, it does need a roof, a furnace, and a septic system…

That’s OK Sir, My offer is AS IS!!

(Homeowner) Sorry I won’t even LOOK at your offer until I have fixed everything in the house…But…THEN I’ll probably just take what you originally offered!!!

AAHHHH, The GENIUSES that created this mess (BANKERS) are know OVERWHELMED by the resolution process. How poetic!!

Thats BULLSH**! I know for a fact they could have sold it to you. The property doesn’t need to be cleaned out, they just need to have both of their BPO’s in. 99% of the time they sell the properties in ‘AS-IS’ condition anyway, they just do basic stuff to get it to that stage…trash outs, sales cleaning, and landscaping are the most common. Generally when a buyer says as is BEFORE they spend the money to do these things they should accept (providing the offer is legit and reasonable). If they are not then you are more than likely dealing with a noob asset manager or an over worked / loaded one… or they could just be stupid.

GooD LucK! :beer

It’s NOT bullsh*t…

This JUST happened last week.

Now, if your BULLSH*T comment was thrown at the BANK??? I 100% agree.

I’m assuming you weren’t saying that I was BULLSH*TTING anyone with this story.

The REALTOR relayed this to me after I had called to check on the status of the offer. She called the asset manager at the bank and was told they will not look at an offer UNTIL the clean out has been signed off!!
It’s BULLSH*T alright…THAT’S the whole POINT!!!

By the way, this was an ALL CASH OFFER, AS IS, NO INSPECTIONS, CLOSE IN 5 DAYS. With PROOF of FUNDS. BPO was $175K but home has NO HEATING SYSTEM and MOLD damage in basement. Offer was $100K CASH!!

I didn’t start doing this yesterday. That’s a LOW offer, I know that.
But…I buy houses to MAKE MONEY ON THEM, not to bail out some dope banker who loaned more than he should of on the home. I make and RE-MAKE the same offer EVERY MONTH until I either BUY the home or someone else does. This strategy has worked very well for me. This is THE FIRST time I have ever had a bank NOT LOOK at an offer because they wanted to spend money on a home they owned.

The point of the post is DON’T EXPECT a bank to do what they SHOULD DO.

I will say… according to the data, May through Sept. of this year will
see the biggest numbers of foreclosures to date. It’s not IF they are bombed with foreclosures…THEY ARE BOMBED!!

yes, that’s what I was saying. The banks answer is BS, not you. By them not selling in as is until after they put money into the property is just a waist of their clients money. It’s BullSh** that they would not even look at the offer and try to sell the property BEFORE they put any money into it. As I said, the only thing they need before looking at offers are the BPO’s.

Judging from the condition of the property you stated and the current market status, your offer was more than reasonable.

GooD LucK! :beer

This discussion is causing a stir and I am sorry. Anyways, getting back to the house I mentioned in the first post. I had someone from my office call the Realtor about the property and you know what he told him?

It is still for sale at $250,000.00. This guy just jacked the price up from $69,000 to $250,000.

By the way, this is in the Miami market. How can I get around these rip-off artists calling themselves Realtors? The house is valued according to various websites for $190,000.00.


Get around the “rip off artists” by not paying more than it’s worth. You can always just submit your offer and take it from there. There will be plenty more properties with motivated sellers.