| Someone once said, "Smart investors make money | | | | they're asking. But this is not 2005, its 2009 and the |
| whether we are in a Bull Market or a Bear Market." | | | | market is filled to overflowing with REO properties. A |
| Whether you are buying a home as a primary | | | | savvy REO for Sale real estate agent will recognize |
| residence or as investment properties, you are an | | | | when they have a buyer that is ready to close the |
| investor. | | | | deal here and now and they will present the offer to |
| That being said, one of the hottest real estate | | | | broker and bank in such a way to get them to see the |
| investment markets at the moment is the REO for | | | | light. |
| Sale market! It's hot because few people know how | | | | Rule #3 For Dealing With Any REO for Sale - Don't |
| to properly navigate these seemingly choppy waters. If | | | | get emotionally attached to the property. In this market |
| you take the time to master these three simple REO | | | | REO for Sale properties are a dime a dozen. I know |
| Property rules for dealing with any REO for Sale | | | | some Bank Owned REO Department managers who |
| property, you will be on your way to snagging an | | | | pop Maalox every time they look at the new |
| incredible deal on a home or homes. | | | | foreclosure statistics. They are getting awfully close to |
| Rule #1 For Dealing With Any REO for Sale - Be | | | | the maximum amount of properties they can have on |
| ready to close the deal as soon as your offer is | | | | the books and when they get to that point, they will |
| accepted. One of the dreaded scourges of any bank | | | | make incredible deals for cash buyers. |
| REO Department is a real estate speculator. Be clear | | | | However, if you put an offer on a REO listing that you |
| on this truth, you are real estate speculator if you put | | | | love but you're dealing with a REO property manager |
| an offer on a piece of property with the intent of | | | | whose strategy is to hold out until the market corrects |
| obtaining financing if your offer is accepted. You need | | | | itself, just walk away from the deal. You can be |
| to realize that managers of REO departments are | | | | guaranteed most of those individuals are going to be |
| under an extreme amount of stress and pressure. | | | | out job hunting, probably sooner than later. By staying |
| If they have too many foreclosed homes on the | | | | emotionally detached, your offers will be more in line |
| books they look incompetent. If they sell to soon and | | | | with the current market conditions. If you don't know, |
| don't get high enough sell prices for the properties they | | | | it's a buyer's market and you should expect an |
| look incompetent. If they accept an offer that later | | | | incredible deal! |
| turns out the purchaser is unable to obtain financing, | | | | In the movie, "Heat" Neil McCauley, played by Robert |
| once again, they look incompetent. By being ready to | | | | De Niro tells one of his running buddies, "Don't let |
| close the deal immediately after your offer is | | | | yourself get attached to anything you are not willing to |
| accepted you make the REO Department manager | | | | walk out on in thirty seconds flat, if you feel the heat |
| look like a REO guru. | | | | around the corner." |
| Rule #2 For Dealing With Any REO for Sale - Make | | | | When it comes to REO for sale properties, the same |
| sure the REO RE Agent knows his or her stuff. | | | | rule applies. Don't get attached to any property and be |
| Oftentimes, the real estate agents assigned to sell | | | | ready to walk away if the Bank REO department |
| REO properties don't really comprehend all of the | | | | won't play ball with you. Remember, in this buyer's |
| dynamics involved in selling these properties. For | | | | market, you will find the deal you're looking for. |
| example, they are working under the false pretense | | | | Implementing those three rules into your REO game |
| that they're going to give full price for the property. If | | | | plan will land you the deal you seek, GUARANTEED! |
| this was 2005, they could wait it out and get the price | | | | |