By calling the bank and asking for the dept or the number to it.
But why would you ever want to? You don't find REO properties by talking to the bank you find them by talking to a realtor. All REO's are listed in the MLS.
Quote:
On 2004-08-19 16:45, fmmp wrote:
If it is listed in the MLS just make an offer through your buyers agent. However you will have already qualified for financing.
You don't necessarily need a buyers agent. In fact you will have more success using the listing agent as a transaction agent. There are about 10 reasons why this is better. But the number one is that the listing agent will now have a chance at the entire commission instead of splitting it, that leads to some amazing loose lips on his part usually.
I don't know what you mean by you will have already qualified for financing.
Quote:
On 2004-08-19 16:14, patrecejames wrote:
thanks for the input, also, do you have to bid on a bank reo or just make an offer and qualify for financing
There is no auction. It is a straight realestate deal, you put in an offer like any other deal.
Quote:
On 2004-08-19 17:11, sbrock wrote:
Do they all require a pre-qual letter when the offer is made?
Also will I need an inspection before the offer or can I put that in as a contingency?
You would be smart to include a pre-qual letter, since you are not offering over the asking price I would guess, and most likely under it, you want your offer to be as strong as possible. 2 similar offers, one is a sure thing and the other is missing the part that assures the bank the deal will go quick and easy, which one gets accepted?
As far as inspections - you are buing REOs AS-IS, even if you are far from it at this point, the bank is assuming you are a professional, and will expect you to act like one. You aren't a little old lady buying a home for herself with her life savings. You are looked at as a professional investor so you are expected to take you lumps and know how to take them and like it.
Talking listening to an investor the other day I think that the best thing to do is develop a personal relationship with the REO officer at the bank if he is in your area. THis investor has done a number of properties this way before they ever were listed with an agent. In fact I remember David Lindahl saying that is how he got his start, I know in Idaho some or most of the REO's are from out of state lenders and go thorugh one realtor. But there are local banks that do home loans and you can work with one of them. I have here in Oregon...
[addsig]
By calling the bank and asking for the dept or the number to it.
But why would you ever want to? You don't find REO properties by talking to the bank you find them by talking to a realtor. All REO's are listed in the MLS.
thanks for the input, also, do you have to bid on a bank reo or just make an offer and qualify for financing
If it is listed in the MLS just make an offer through your buyers agent. However you will have already qualified for financing.
I am also looking into REO's.
They move pretty quick around here so I want to be prepared when get serious.
Do they all require a pre-qual letter when the offer is made?
Also will I need an inspection before the offer or can I put that in as a contingency?
Thanks for your help.
Quote:
On 2004-08-19 16:45, fmmp wrote:
If it is listed in the MLS just make an offer through your buyers agent. However you will have already qualified for financing.
You don't necessarily need a buyers agent. In fact you will have more success using the listing agent as a transaction agent. There are about 10 reasons why this is better. But the number one is that the listing agent will now have a chance at the entire commission instead of splitting it, that leads to some amazing loose lips on his part usually.
I don't know what you mean by you will have already qualified for financing.
Quote:
On 2004-08-19 16:14, patrecejames wrote:
thanks for the input, also, do you have to bid on a bank reo or just make an offer and qualify for financing
There is no auction. It is a straight realestate deal, you put in an offer like any other deal.
Quote:
On 2004-08-19 17:11, sbrock wrote:
Do they all require a pre-qual letter when the offer is made?
Also will I need an inspection before the offer or can I put that in as a contingency?
You would be smart to include a pre-qual letter, since you are not offering over the asking price I would guess, and most likely under it, you want your offer to be as strong as possible. 2 similar offers, one is a sure thing and the other is missing the part that assures the bank the deal will go quick and easy, which one gets accepted?
As far as inspections - you are buing REOs AS-IS, even if you are far from it at this point, the bank is assuming you are a professional, and will expect you to act like one. You aren't a little old lady buying a home for herself with her life savings. You are looked at as a professional investor so you are expected to take you lumps and know how to take them and like it.
Talking listening to an investor the other day I think that the best thing to do is develop a personal relationship with the REO officer at the bank if he is in your area. THis investor has done a number of properties this way before they ever were listed with an agent. In fact I remember David Lindahl saying that is how he got his start, I know in Idaho some or most of the REO's are from out of state lenders and go thorugh one realtor. But there are local banks that do home loans and you can work with one of them. I have here in Oregon...
[addsig]