Are you having difficulties understanding the foreclosure (REO) market? With all the inventory out there, one would believe that aquiring a bank owned property may be as simple as submitting an offer. Not so. It took me writing approximately 6 (non-accepted) offers, including full and over full price (CASH) offers before I started to figure things out. Now, my clients have gotten 4 out of the last 5 properties we've put offers on.
What am I doing differently?
- I consult with my clients thouroughly explaining the process before we begin.
- They are pre-approved with a lender, and understand that they may need to get pre-approved again with a designated lender of the bank (and yes, they will try to acquire you as a client)
- Now here's the most important...write an offer 10-20% above list price for properties in good locations, in generally good condition.
There are lot's of first time home buyers and savvy investors in the market today who are looking for the right deal. Bank owned properties are typically priced well below market to attract multiple offers. Even when a property sells 10-20% over list, it's a screaming deal! Inferior properties will typically sell at or below list.
When chasing the forclosure market, your agent must be aggressive, yet insightful and cooperative. This is not a time for inflated egos. It's all about the bottom line, and what makes sense to you and the bank. If you would like to find a screaming deal in San Diego County, I invite you to give me a call 760-519-8436 or email me at robert@robertsizer.com Let's chat about your expectations and see what we can do to make them a reality. Search all San Diego Country Properties @ http://sdnethomes.com
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