Insider Secrets for buying Bank Foreclosures

 

  1. REO’s create an opportunity for me as your REO Broker to provide you pre-market information, by giving you the inside track. By making you aware of properties 2 to 4 weeks before the properties are actually listed on the market and made available to everyone. This allows you the opportunity to inspect and get ready to make an offer as soon as we have the price. Understand, banks do not allow us to make offers until they give us a list price, and they do require us to list the property in the Realtor MLS computer system. The key for you is how to get the REO Realtor interested in contacting you about potential deals?

How do you get in on the REO Realtors’ “Inner Circle”? After all, the REO Realtor is also in business to make money, feed their family, and maximize their time. Keep in mind if an REO Realtor has been in the business for a while; they already have an inner circle of homebuyers, and investors. Not everyone is available for every deal. So your objective is to also get included into this inner circle.

How do you do that?

Here are some strategies for doing just that:

  1. Put yourself in a position of credibility. Which means don’t hesitate to prove your ability to take action and buy a property. Serious people do not hesitate to prove their ability to buy. If you are a cash purchaser, then provide proof of funds showing that you actually have the money. You can mark out your account numbers. This proof of funds is also required to be attached with any offer to the bank, or they will not respond to it. A bank statement, line of credit letter from your bank, any statement that provides evidence that you have the money to close.
  2. When you are subject to financing, at a minimum a pre-qualification is required. This is simply a letter on your lenders letterhead stating basically that they have pulled a quick credit report, and asked for your financial information, and that based on that information they feel comfortable that you have the ability to get a mortgage. Nothing has been verified yet.Realtors and Asset Managers have learned that these pre-qualification letters are sometimes not worth the paper they are printed on, because they are subject to verification of everything. It also depends on the quality of the loan officer you are dealing with. The potential problem being of course; getting near a closing and then finding out that you cannot get the financing after all, so the deal falls out. This is not a good thing! The Asset Manager looks bad to his / her supervisor, the REO Realtor looks bad to his / her Asset Manager, which could affect how many, if any more listings the REO Realtor gets in the future. Most important your hopes for that home are wiped out, and you are very disappointed. I don’t want that to happen to you.

So deals that fall out are bad news! For everyone concerned.

Now you understand why a Realtor prefers (does not require) that you use a loan officer that they know, and have good experience with, that does a good job, and gets deals closed.

Test Your Knowledge:

An REO Realtor can give you pre-market information and help you make a deal and avoid competition through the MLS.

T     F

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June 5, 2017

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