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What to Do When You Want to Get Amazing REO deals Foreclosures most of the time results in a families losing their treasured homes. By the end of quarter 1 of 2017,5.5 homes were reported to be underwater,meaning the outstanding mortgages balances were more than the value of those homes. At times,lenders may not find ready buyers of foreclosed properties at auctions and may therefore engage REO specialists who usually work together with the local real estate agents to sell those 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. Foreclosed properties are normally great deals as they are normally sold at a big discount. It is highly likely that you will make a gain if you buy such a property and sell it when the price goes up. If you read through the suggestions that follow,you will increase the chances of finding and securing some great REO deals that are out there. 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. 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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Make some efforts to know the market value of the property you intend to buy. Your trusted realtor should be able to prepare reliable comparative market analysis for you at no cost. That data that you get from your broker will help you make an offer that will ensure that you make a gain when you sell.
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Ask you realtor to tell you about the number of offers they have received for the REO property so far. Offer an offer lower than the list price if the realtor has received no offers so far. Make sure your offer is above the highest offer by a certain amount. 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. 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 right information regarding shortsales and foreclosure properties will help you land great real estate deals,especially when you are working with a great realtor. Seasoned real estate investors create good rapport with their realtors and are usually the first ones to be notified of any hot deals.