If you are going to take on the task to start and represent the Banks, they are going to want to see some solid teams that you can prove you have and represent. In speaking of teams you are going to need people on your team to do the following:
- lock smiths
- trash haulers
- pest control
- lenders to do pre approvals
Some of the others in the industry have never been this busy - REO's will continue throughout the rest of the Year in numbers but those that the BPO's are approved and are priced right are moving straight away in the Santa Clarita Valley, San Fernando Valley, Antelope Valley, and Ventura County housing markets.
All you have to do is call on most of the foreclosures and you will see multiple offers stacked and the "common" window of 5 days before the bank will have time to review any offer(s). By the 5 day point, there are usually many offers to be submitted to the bank for review.
After review, typically the banks are countering everyone Highest and Best. A Two fold test, which both is something that is desired and the banks best bet. However, is not always the case that the most money netted by the bank will prevail. Finance-ability is also something that the banks love to see. In some cases I have seen them hang their hats on a Best offer for properties. Where they would actually net less, but the buyer was coming in with a verifiable 20% and going conforming.
What is all this about, just some information about the market we are in being in a constant state of flux. Be Safe out there - And remember to shut off the lights when you are done.