| If you're reading this article, I'm going to assume that | | | | getting the property at the asking price. However, if |
| you're interested in getting into REO and getting a hold | | | | there are even as few as two competing offers, then |
| of some killer REO listings for homes you can either | | | | more likely than not, you're going to have to go above |
| buy for your own personal use or to resell. In either | | | | the asking price. But find out just what the offers are |
| case, you might want to read this article first as it can | | | | to determine whether or not you want to go above |
| end up saving you a lot of time and trouble with this | | | | them. In today's lousy economy, there are a lot of |
| process. | | | | foreclosures, so you can afford to be picky. |
| First off, you need to understand something about | | | | As far as getting the listings themselves, you want to |
| buying REO properties. These are properties that | | | | make sure that you find a listing that specializes in the |
| have been bought for a song and are selling for the | | | | properties that you're looking for. There are going to |
| same. That means that the competition for these | | | | be listings for residential as well as commercial |
| properties is going to be fierce. Therefore, you need to | | | | properties. If all you're interested in is commercial |
| be one step ahead of that competition. The key to | | | | properties, you can ignore all the residential listings. This |
| doing this is to select the right property. There are | | | | will greatly reduce the amount of time that you actually |
| several keys to doing this including getting a full | | | | spend going through these listings. |
| property history, finding out what competing offers are | | | | In my signature, you'll find a review of a great resource |
| and make an analysis of the listing agent's REOs sold. | | | | that will help you greatly with finding just the right REO |
| This will give you the best shot at getting the property | | | | listings. At the very least, you owe it to yourself to |
| at the price YOU want. | | | | check it out. Finding just the right listing can make all the |
| One thing about competing offers. If there aren't any | | | | difference in the world. |
| other offers, then you have a very good chance of | | | | |