Banks And RA
Do most banks sell their forclosures through real estate agents? Im pretty new at real estate investing and ive been contacting several banks regarding bank owned real estate and all of them seem to use real estate agents and try to get fair market value.
I too have always been puzzled when gurus say you can contact the banks to find REO properties. Every national lender lists with an agent and even the local companies list with an agent.
I do know of one instance that someone contacted a local bank regarding a property that they were going to be taking back soon and negotiated a deal which closed the day after the bank took the property back. He received a very good deal which makes me think i could have done a very profitable short sale.
Do most banks sell their forclosures through real estate agents?
Yes they do! Most consumers do as well?
Not sure I understand what you are trying to do!
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Hi John,
I am basically trying to figure out if any banks do not go through agents. When they go through agents it seems that the potential for a "great deal" is much lower.
Or to broaden my question, what is the best way to locate foreclosures.
Thanks!
Quote:
On 2004-10-11 11:58, JohnMichael wrote:
Do most banks sell their forclosures through real estate agents?
Yes they do! Most consumers do as well?
Not sure I understand what you are trying to do!
Timing is everything when dealing with bank reo's.
If the subject property has just been listed with a realtor one is better off to wait 60 to 90 days, as the lender becomes a little hungrier.
You will find a majority of lenders do list with realtors.
The key factor is the realtor does not sell your offer unless you sell it to them.
You must train your realtor to work on your behalf! And you can not do this unless you know the business.
My first suggestion would to read something on the art of negotiation and learn all you can about how realtors work.
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