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Making Mutiple Offers On REO Properties. Risky or Practical?

Well my answer is easy.....practical. And here's why based on a real life example from this week.
REOs (foreclosures) in my area of Poinciana Florida make up 25% of the inventory of homes for sale but 60% of the closed transactions (last 90 days)!! What that means is that REOs are by far the best deals and are flying off the shelves. They also sell for 100% of the asking price.
The foreclosure market in Poinciana Florida is very, very competitive. Most of these foreclosures are being bought by Investors looking for good rental properties. On average they are able to buy a 3 bedroom 2 bath home with 1800 sq ft of living space and less than 10 years old.
These houses rent for $800 to $900 per month. And can be bought for an average of $64,000. If you do the math you'll see these are excellent investments.
Because these Poinciana properties are such great investments they are very hard to get under contract. It's a feeding frenzy of cash buyers looking for a deal. Taking the time to look at every property and then submitting offers on one house at a time is basically just a recipe ... more

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