Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
10 Tips to Buying an REO Listing for first-time homebuyers
Working with first time homebuyers makes bank-owned (referred to as REO … Real Estate Owned) properties seem like an attractive purchase opportunity. These properties on which foreclosure has been completed are now owned by banks (think Wells Fargo, Chase, Bank of America, etc.), HUD, VA or government backed investors (GSEs) such as Fannie Mae or Freddie Mac. They’re attractive to homebuyers because transactions involving such properties typically close fast, unlike short sales that can drag on for months.
Some REO properties have had some “fixing up” completed — the grounds have often been cleaned up, sometimes critical missing appliances like the range have been replaced, carpets have been cleaned, and rooms and exteriors painted.
Other properties, however, require fixing and updating, meaning buyers must have funds to present all cash offers or financing with significant down payments. These properties, in particular, are attractive to investors who are looking for investment properties they can fix up and re-sell (flip) or rent.
In addition, often REO properties are priced aggressively, meaning they’re subject to multiple offers.
First time homebuyers, however, often come to the purchase table with a financing goal of asking for closing cost contributions from a seller while using a rehab loan to complete the purchase. That can be tough when buying an REO listing.
What’s a first time homebuyer to do? They often don’t have deep enough pockets to be tremendously aggressive in pricing offers, nor do the REO folks (the Seller) like to wait the additional 2-3 weeks needed to close a transaction where the buyer will use a rehab loan.
Here are 10 Tips to Buying an REO Listing:
Absolutely be preapproved before writing an offer. You need to know what you qualify for and you’ll need to prove it to the Seller.
Shop below your top financing approval number. Understand that you may be involved in a multiple offer situation. You may need to offer MORE than the list price in order to “win” the purchase.
Cash is king. Use your available cash to increase your down payment, thus perhaps enabling you to use conventional financing rather than an FHA or VA loan. If you have a 20% down payment, conventional loans won’t require mortgage insurance, which can save you a couple hundred dollars a month.
Check with your lender to see if you can include your closing costs inside your purchase loan. Sometimes it can be done, although it may increase your interest rate slightly.
Understand and be prepared to try for several homes and lose several before you’re the accepted offer in a transaction. It’s a learning process and the more houses you see and tries you make will enable you to move more quickly each time you see a desirable house.
Experience counts: Work with a lender and an agent that both thoroughly understand and have experience with Rehab loans and purchases. You’ll need every advantage in order to close quickly.
An experienced agent can eyeball a house and know whether or not it will qualify for standard financing or whether a Rehab loan will be required.
An experienced lender should be able to close a streamline FHA rehab purchase within a 45-day window.
REO properties often have a window or so where only owner-occupant offers will be considered. You need to present your best offer right away, and then be prepared (if multiple offers are received) to present your “highest and best” offer again.
Move quickly. If an intriguing property is listed, you need to see it as soon as possible. Some REO properties receive multiple offers within hours.
Remember that the holder of an REO property is looking at a combination of the NET number (your purchase price less any concessions you’ve asked for), a quick closing, and their assessment of whether you qualify for the purchase.
Finally, be sure your agent has evaluated the pricing structures commonly used by the various Sellers. For example, Fannie Mae tends to price homes a bit higher at first, and then reduce prices slightly if no offers are quickly forthcoming. However, Chase aggressively prices properties, gathers multiple offers, and ultimately closes sales for more than list price.
Your Dedicated Realtor, ActiveRain Blogger, Seller, Buyer, and Short Sale agent working the Auburn, Kent, Renton, Maple Valley, Federal Way, Covington, Puyallup, Sumner, Bonney Lake, Lake Tapps, and north/northeast Tacoma areas. Visit my Web site too!
This little blog contains my thoughts on the business of real estate, a place to showcase homes for my special clients (YOU!), and a wonderful place to hear your thoughts on ... well, whatever! Come join in, won't you?
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.