Finding Ways To Keep Up With Houses

6 Winning Ways to Get Great REO Deals Foreclosures are for the most part a sad affair. 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. When you buy a REO property,you are in actual fact helping not only the bank but also the person or the family that sadly couldn’t continue making those payments. These homes are typically sold at a discounted price. You may make a small fortune if you buy such a property and flip it in future. The tips suggested here will help you as you look for good deals on REO properties. Choose the right broker,of course. If you don’t have your own trusted realtor,you can rely on good referrals in your social or professional networks or you may get a reliable one online on trustworthy 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.
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Find out the estimated value of the home you want to buy. A good real estate broker should be able to generate a CMA report free of charge. This way,you are able to compare the current market prices they suggest against prices for similar properties in the same neighborhood.
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Get from your real estate agent to give you the number of bids tendered in for the property. Submit a bid with a price lower than the list price if you find that the realtor has not received any other submissions. Offer a bid that is marginally above the highest one submitted. If you are to be financed,and the other offers are on cash basis,simply submit a bid with an attractive price considering that lenders are likely to favor cash offers. Try to be preapproved for finance by your bank as well as by the bank holding the title to the property,and present both to the listing agency. 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.