Foreclosures; REO's; Equity! - Posted by James

Posted by lou’s grill and bistro on February 06, 2006 at 18:14:45:

grills for your mouth macoroni grill macroni grill the planet grill macaroni grill recipes weber gas grill ducane gas grills barbecue grill charcoal ducane grills nelly- grills coleman roadtrip grill gold grills grill lights george forman grill romano’s macaroni grill what’s the best grill great outdoors grill parts red mesa grill nelly grill lyrics discount grills nelly - grills how to grill a turkey the planet grill barbecue grill where can i buy gas grills online bone fish grill thermos gas grills great outdoors grill company blue water grill gas grill barbecue grills george forman grill recipes propane grill george forman grills george forman g5 grill sunset grill restaurant gas grills for sale grill guard weber grill george foreman g5 grill heavy duty grills

Foreclosures; REO’s; Equity! - Posted by James

Posted by James on July 15, 2005 at 14:55:37:

I live in a fairly small town in middle Tennessee. In 2004 I was blessed with being able to complete 4 flips with a very good ROI.$13.vs$27K. Since then, it seems almost impossible to find any properties in pre-foreclosure with any equity or any REO’s that the banks will sell for less than full market value, even the ones that require a lot of rehab. One bank in particular has over 900 REO’s on their books & they act like unless I pay them market value, they would rather keep them. I have even offered to buy all 4 properties, currently on their books, in my area at one time for approximately 60% of market value, fully rehabed. Any advise or suggestions would be greatly appreciated.

Re: Foreclosures; REO’s; Equity! - Posted by Sean

Posted by Sean on July 16, 2005 at 23:41:14:

All depends on the Bank… and the mentality. Right now there are so many newbies out there, uneducated and willing to pay way too much, and many markets are way too hot… so they want to hold out for more money… can’t blame em.

If your market won’t support that, then the banks will learn the hard way (like they nearly always do in my market, particularly with distressed properties)… Be patient… Or just do a better job finding distressed properties that are owned by folks other than the bank.

I routinely get properties for LESS than previous offers to the banks just by being patient… Make my offer… if they reject it, I’ll offer it again a month later… if they counter, we negotiate… I’ve had more than once someone come in and offer more than me and the banks take their offer, only for that deal to fall apart for one reason or another and still wind up getting the property… and not uncommonly for LESS than I originally offered.

I would suggest just keep making offers, some banks get it, others don’t… and ramp up finding properties other than Foreclosures and pre-foreclosures… best deal I EVER did was NEITHER of these… just a free and clear property that had lots of deferred maintenance and the seller was ready to be rid of it and move to be with her family. Not every opportunity has a BANK in the equation.

Remember its a numbers game, more offers you are making the more deals you’ll get. Also, followup… You find a property that you are interested in, make your offer, if they reject, wait 30 to 60 days and offer again if it hasn’t been sold… if they reject again… wait another 30 or 60… and just keep doing that until you own it, or someone else buys it.

Re: Foreclosures; REO’s; Equity! - Posted by Randy (SD)

Posted by Randy (SD) on July 15, 2005 at 15:19:13:

if they don’t reject your first offer, you’re paying too much! Repetition may be the key to your success. When they reject your first offer Wait 1-2 weeks and submit another offer for $500 less…keep doing so on until they tell you to stop or the property is sold.

Re: Foreclosures; REO’s; Equity! - Posted by Phil

Posted by Phil on July 15, 2005 at 15:01:42:

Banks are being very cocky in most markets these days, who can blame them really, they think they can get more $$. I think your best bet is to work with the homeowner in pre foreclosure. A help would be to get the bank to do a short sale, but banks are not doing as much of these. You could put ads out for people behind on payments and do a SUB2 or L/O also.