Last time, we began discussing REO’s and the place they cover in the real estate market. Real estate comps are a reflection of the money to be made in a given market. Today, let’s continue the conversation.
Every once and a while you may come across a bulk REO package. These generally consist of properties that have been sitting, unmaintained for a long time. Banks group these unsold homes together into a package, create a large discount, and offer them for sale as ‘Bulk REO.’
Here’s an awesome opportunity to do your homework. We see packages on a regular basis that request your best offer, and it appears that it may be a great deal. But one must take account for everything before jumping into a deal. Remember, there will likely be delinquent taxes, HOA late fees, any liens, property repair/maintenance, and pest removal/control.
I hope this information has been beneficial. Come back tomorrow and we will discuss making REO deals happen state to state.