REOs or bank owned properties, are often times not advertised. However, when you do a quick real estate comps search they are in abundance. Wondering how to grab some of these great deals for yourself?? It’s as simple as knowing the right steps to get your foot in the door.
1) Talking to the lender’s agent- Be sure to let them know you are interested in REO properties specifically. Remember a little kindness can take you a long way….The agent, who works on commission, will be happy to work with you once you convince them you have the capital for the deal.
2)Narrow your scope- The agent is more likely to work with you if you make it easier for them by asking for a small list versus a complete REO record. You can narrow your scope by asking for a list of properties in a certain price range.
3)REO subscriptions or newsletters- These can be valuable because they can help you forgo the agent all together and find the properties on your own..But be mindful guys, those subscriptions can add up so choose wisely.
Alright, now these few steps are a great foundation to finding the best REO properties that are available in your area. Now, go out there and make those REO deals happen!