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.
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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
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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.
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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
Winning Your Offer on Your REO or Foreclosure Property
You will encounter multiple offers and other bidders on foreclosure properties whether you bid at a foreclosure sale auction or purchase a REO from the bank.
These types of properties are always in high demand because buyers/investors know they are getting a bargain property at bargain prices the majority of the time. There are some winning strategies to follow to increase the chances that your bid will get accepted.
Here are just a few basic strategies to follow:
REO Multiple Offers
There is a lot of competition for REO properties from other investors and first-time homebuyers looking for foreclosure deals. To increase your chances of getting your offer accepted, pay cash and keep your contract contingencies and closing date short. Don't ask the seller to pay for anything. Price matters, so offer at least full price and usually over asking depending on how many other offers have been submitted at the same time if the home is under market value and still a good deal at over the asking price. Do your homework first to make sure you are not getting caught up in a bidding war. Take into consideration any repair costs.
When bidding at auctions, make sure you have checked the title to see if there are any liens you might have to pay off, whether or not the property is vacant because you are responsible for evicting any tenants or former owners living at the property, and that the price is within the price of recently sold comparable properties. Also consider repair costs. Have cash available to pay for the property if you are the lucky bidder whose bid is selected.
Factors to Consider
Since the bank is not in the real estate business, you know they want to get rid of the property quickly. Banks like cash offers because they know the buyer will close the transaction fast and they usually accept the highest price and best terms when there are multiple offers.
At auctions, the same theory holds true. Banks look for the highest price and cash is required. The property will be awarded to the highest bidder.
If you have never bid at a foreclosure sale auction before, you might want to take another experienced investor with you to show you the ropes. Working with a mentor when you are a new investor is a great idea.
If the auction property does not sell, the bank buys it back and it becomes a REO. If the property is really underpriced, then go for it but if you have any doubts, then wait for a better opportunity to come along. You can observe how the process works so you know what to expect the next time around.
It is not worth getting caught up in foreclosure bidding wars and over paying for a property just to win it. Many times homes that are bid at auctions get over bid in the excitement of the auction atmosphere.
Not every foreclosure may be the right deal for you and you need to recognize when to walk away. There will always be another deal waiting for you.
Better to be sure the home is the right opportunity than to make a costly mistake that you will be paying for years to come.
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.