subject: Why There's More To Buying REOs Than Looking at REO Listings [print this page] Why There's More To Buying REOs Than Looking at REO Listings
There is more to buying real estate owned properties aside from looking at REO listings and making good offers. Because the process of purchasing such properties is unlike buying conventional homes, you have to use certain strategies to ensure that you'll get the house that you want at a price that you can afford.
If you're an inexperienced buyer, one of the essentials of purchasing a bank owed or REO home is having a real estate agent. A realtor adept at handling REOs can help you get the property of your choice. With an experienced real estate agent by your side, you don't have to struggle with the process of creating initial offers to the bank. You also don't have to find the right words to convince a lender to sell you the bank owned home of your choice because your realtor can negotiate on your behalf.
Another advantage of enlisting the services of a realtor is that you can gain access to the MLS (Multiple Listing Service). The MLS is a system used by real estate professionals to share information on properties that are for sale. It contains important data about a particular property such as its exact location, the number of bedrooms and bathrooms, and floor space among others.
Aside from having a realtor and studying REO Listings, one of the things that you mustn't forget when buying bank owned homes is to know the local market. Before you or your agent send your initial offer to the bank, it is imperative that you conduct a research on the area where your target REO home is located.
You should identify how much money properties similar to yours are being sold for by determining comparable sales in the neighborhood or city of your choice. Making a comparative market analysis, or CMA, is also advisable because it can help you determine the offer price for the bank owned home that you want. A CMA, by the way, is an informal assessment of a property's market value.
Once you have submitted your offer to the bank, you shouldn't be afraid to negotiate for a lower asking price. Always remember that banks would rather sell low than not make the sale at all. Therefore, you shouldn't hesitate to seek a lower price because the seller may consider your request if you ask nicely.
Meanwhile, if you want to get the latest REO listings in your area, just go to www.RehabList.com.
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