Things You Should Consider To Find A Great Deal in REO Listings

By
Real Estate Agent with Angel Lynn Realty
Even though most of the houses that were under REO listings are being offered at prices that are very low, buyers should also consider other things that will help them get the right house at the right deal. These factors to consider will help the buyers see the benefits they could get from the property upon investing on it.

Take a look of the location. Consider the location where the house is when thinking about buying it. Location has been one of the primary factors that contribute to a great deal. When deciding to buy a house, buyers should be updated with real estate market news to find cities with good communities and with good and stable economic status. This factor shows the value of the buyer’s investment.

Another factor to look into is the length of time that the house has been on market. Houses included in REO listings for a month will be easier to purchase. Buyers can negotiate for these houses once they were on the list for more than 2 weeks since banks will be willing to accept even lower prices as long as they can get the property out of their hands.

On the other hand, houses that have been in the market for a longer time might have poor condition and could require for more repairs. However, buyers could use this situation to negotiate with the bank for a much lower price. Banks will agree for lower prices as long as the buyer shows proofs of the number of repairs that has to be done and estimated costs of it.

Remember, when you decide to make an investment on a REO listed property you should first, check its location, then the condition of the house and the possible of getting it for a lower price. Make sure you’ll have all the necessary information that you need that will make you achieve a great deal.
Posted by

Angel Lynn

www.angellynn.com

Angel Lynn Realty

1913 Capitol Ave. Suite C

Sacramento, Ca 95811

 

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Rainmaker
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Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Some good advice.  I also want to point out that if a house has been on the market for a while and appears to be overpriced - the bank isn't ready to show the loss on their books.  Also, if the bank won't budge on an offer, their investors are the reason - they do not want to take a loss now.  I tell my investors that we'll keep presenting the offer - and hopefully the bank will agree to accept the lower offer eventually. 

When my clients find a house they really want, I tell my clients to make their initial offer at their highest and best, particulaly if there are more than one offer on the table.  I want my clients to get the house for the best deal they can, but if they "nickle and dime" the offer, they run the risk of losing out - and another buyer getting the house. 

Jul 12, 2010 06:15 AM #1
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