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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. By the end of quarter 1 of 2017,5.5 homes were reported to be underwater,meaning the outstanding mortgages balances were more than the value of those homes. 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. Individuals who look and act on deals on foreclosed properties end up helping the distressed families who couldn’t pay as well as the lender who can’t find suitable bids at auctions. 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 read through the suggestions that follow,you will increase the chances of finding and securing some great REO deals that are out there. Get a realtor with a great reputation for dealing straight. You probably have your own real estate expert with whom you have a good relationship or you can search the internet for referrals. Ensure you take a look at the original deed to the foreclosed property. Note the mortgage balance and the price the bank is asking for and ensure to pay a value somewhere between the listed price and the mortgage balance.
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Assess the value of the particular home you are interested in. Your trusted realtor should be able to prepare reliable comparative market analysis for you at no cost. That data that you get from your broker will help you make an offer that will ensure that you make a gain when you sell.
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Ask you realtor to tell you about the number of offers they have received for the REO property so far. Offer an offer lower than the list price if the realtor has received no offers so far. 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. Get 1 or 2 bank preapprovals for mortgage;preferably,one should be from the lender owning the property on sale. 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 property purchasing knowledge you possess now naturally makes you feel more confident to visit your realtor of choice to make an offer. Seasoned real estate investors create good rapport with their realtors and are usually the first ones to be notified of any hot deals.