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 lenders can’t sell their foreclosed properties at auctions,they turn over the homes to REO specialists who work closely with local realtors to sell the homes. 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. 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. Most likely,you have a trusted realtor you have worked with before,or you may find one in credible real estate websites. Get the historical facts that relate to the 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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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. 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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Liaise with your realtor for details on how many offers they have recorded 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. If there are many offers,offer a price that is slightly above the existing ones. 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. Make a step to get preapproved for mortgage by the bank that owns the property. Offer to split escrow and transfer fees with the REO lender,offer to inspect the property in a very short time compared to what others are proposing and do not ask the bank to do repairs on the asset. The right information and tricks on buying foreclosed or short sale properties will save you both valuable time and money. Seasoned real estate investors create good rapport with their realtors and are usually the first ones to be notified of any hot deals.

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