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What to Do When You Want to Get Amazing REO deals Foreclosures most of the time results in a families losing their treasured homes. In the first quarter of 2017, 5.5 million homes or 9.7% of all US properties acquired through loans were found to be seriously underwater. When banks can’t sell those homes at auction,they normally use the services of REO(bank owned properties)specialists who in turn engage the expertise of local realtors to sell them. People who buy bank owned fo sale help both the lender and the defaulting home owner solve their problems. Foreclosed properties are normally great deals as they are normally sold at a big discount. You may make a small fortune if you buy such a property and flip it in future. If you have decided that you want to buy a foreclosed or short sale property,the following tips will help you find the best deals available. Make sure you are dealing with the right realtor. Most likely,you have a trusted realtor you have worked with before,or you may find one in credible real estate websites. Ensure you take a look at the original deed to the foreclosed property. Ensure your bid does not exceed the price the bank is asking for,in view of the mortgage balance,regardless of how others are bidding.
The Best Advice on Homes I’ve found
Assess the value of the particular home you are interested in. Your valued real estate agent can do a CMA report for you at no cost. The report from your broker will greatly help you figure out if the current price for the home is a highly discounted one when compared to the average market prices for properties matching the one you want in size and location in the same area.
The Best Advice on Homes I’ve found
Ask you realtor to tell you about the number of offers they have received for the REO property so far. Submit a bid with a price lower than the list price if you find that the realtor has not received any other submissions. Make sure your offer is above the highest offer by a certain amount. If you are competing against investors with capacity to pay in cash while you need to be financed,consider offering a higher price than the highest offered. Make a step to get preapproved for mortgage by the bank that owns the property. Suggest to share transfer and escrow fees with the selling lender,ask for a shorter period for property inspection and certain do not ask for repairs,and most REO banks will favorably consider your bid. The right information regarding shortsales and foreclosure properties will help you land great real estate deals,especially when you are working with a great realtor. Seasoned real estate investors create good rapport with their realtors and are usually the first ones to be notified of any hot deals.