Posted by Joe (Oh) on October 19, 2003 at 17:03:18:
Well, I meant REO houses that need repairs, and that the banks are willing to take less than ARV since they need major repairs…would that make a difference?
…Is It true? - Posted by Joe (Oh)
Posted by Joe (Oh) on October 19, 2003 at 15:45:23:
…That I can go into a RE office that deals with REO/bank owned properties and find and sit down with a new/hungry agent and get a shot at the new listings before they hit the MLS?
And if so, do I take them out to lunch and tell them this is what I want to do, or tell them straight up at the office? I’m not trying to explain it to them only for them to say “Heh, yea- you and every other investor, buddy…” Only to be esorted to the door like i broke a law or something…
Thanx-
Re: …Is It true? - Posted by tntrehabs
Posted by tntrehabs on October 19, 2003 at 18:51:30:
Hi Joe, We found that REOS are a better deal to obtain w/ no bidding wars( a lot of that going on right now in the S. Jersey market) …just your best & final offer quick settlements, & lots of profit margin… …usually find them 50%-60% lower than the FMV! Easier to deal w/ a bank & a #, other than your everyday MLS “home” listings & homeowners/realtors. If you start a good relationship w/ the REO listing agent by doing a few no-nonsense close to full price offers ( after you,ve computed all the #'s & it’ll work for you) -they’re happy, the banks happy & soon they’ll be giving you a fair shot at all the “new” REO listings". They seem to be a good source for our fast-rehab/equity $$out/ rent out endeavours. good luck! Tom p.s.-this is my first posting on the site…great site…an unbelievable amount of knowledge & personal stories to learn from. Trying to sharpen my mental skills while between deals or taking a break from the mechanical end of the “biz”. Always open to any responses or another opportunity to voice my humble opinions.
it doesn’t really matter - Posted by gerald(tx)
Posted by gerald(tx) on October 19, 2003 at 16:40:17:
My experience is that it doesn’t matter because the REO lenders who list with realtors, do so because they want to get top dollar or close to it.
However, if the property doesn’t sell in a month or so, they get real impatient and lower the price or will accept a low offer. This is when you can get a pretty decent bargain.
So usually no advantage getting a head start on viewing MLS.
Re: …Is It true? - Posted by tampasteph
Posted by tampasteph on October 19, 2003 at 16:16:14:
I wouldn’t think that new agents would be handling REOs. I could be wrong, though.
Steph