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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. 9.7% of all mortgages were not being serviced according to the loan agreements at end of the 1st quarter of 2017. 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. These homes are typically sold at a discounted price. You may make a small fortune if you buy such a property and flip it in future. The tips suggested here will help you as you look for good deals on REO properties. Choose the right broker,of course. You probably have your own real estate expert with whom you have a good relationship or you can search the internet for referrals. Get factual information from your broker on the home. 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. A good real estate broker should be able to generate a CMA report free of charge. 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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Liaise with your realtor for details on how many offers they have recorded so far. Submit a bid with a price lower than the list price if you find that the realtor has not received any other submissions. If there are many offers,offer a price that is slightly above the existing ones. If you are competing against investors with capacity to pay in cash while you need to be financed,consider offering a higher price than the highest offered. Make a step to get preapproved for mortgage by the bank that owns the property. Offer a shorter property inspection period,be willing to split escrow or transfer fees with the REO company and do not bother them with property fixing up matters. The property purchasing knowledge you possess now naturally makes you feel more confident to visit your realtor of choice to make an offer. Take time to find a great realtor either by referral or online searching and you will most likely have dependable information on worthwhile deals.