By: Ted Fowler PRO Real Estate Services Pleasant Hill, CA
As a licensed real estate broker I have all of the latest tools to track, locate, and site inspect Bank Owned homes, or as most people call them REO's. As a daily plan I try to visit 5-7 Bank Owned homes each and every day. I try to focus on a specific price range, $300,000 or less, and location, Contra Costa County. What do you do if you are not a real estate broker with all of the latest tools and you want to take advantage of this opportunity? Like most opportunists you drive around looking for empty houses with a sign in the front yard and then call the agent on the sign. Two words "Too Late". By the time the listing agent has a sign in the yard he or she already has multiple offers and is getting ready to make their presentation to the selling bank. This is because the true "opportunists" have had their eye on that specific house for months. Technology has changed since the last real estate crash that most of us can remember.
STEP 1: Find a Real Estate Agent who is focused on this specific market segment and get ready to go to work. PRO Real Estate Services Ted Fowler
STEP 2: Plan for a ride along with that agent. Spend a full day with that agent looking at everything in your desired area. Don't be bashful the right agent spends all day driving around trying to find the gems and could probably use some company. Who knows you may get a free lunch out of it as well, not to mention an eye opening glance at what happened to our property values.
Step 3: Be ready to make a decision. In this price range a new listing stays active for around 3 days before it is pending and off the market. If you will be financing this purchase make sure you are pre-approved. If you are paying cash be ready to prove you have the cash.
Step 4: Don't give up! Your first several offers may not get accepted. Imagine a silent bidding situation.
If you are ready for a drive along contact me Ted Fowler and I will get you scheduled as soon as possible.
If you are not ready yet for a drive along then feel free to begin a Bank Owned/REO Search at my website.
I know I didn't answer all of your questions right here, but I hope that this gives you a good idea on where to start:)
Ted Fowler is a licensed broker with the CA Dept. of Real Estate #01125217, he can be reached at 925-324-6029 or email@example.com