making contract deals with banks on REOs

hi, i am a newbie, i have read the books and listen to the cd's and watch the dvd's,i have found three homes i would like to live in one, all three are very nice, however, i have no money and very horrible credit,so now i am just stuck,trying to think out side the box, idid think about re-assigning property,how ever i still have no buyers and no sellers,so i would like to know if a bank has ever consider a rent to own on a property that has been sitting for over 90 days. if not then i am open to any and all advice. thanks

Banks are being notoriously difficult to work with on REOs and short sales. Anything is possible, but I've yet to hear of one working with a buyer on a rent-to-own or lease-option deal. However, that's awesome to think outside the box, and I would encourage you to give it a try! Write up an offer, and see what they say!

If you can't get them to sign on to the idea, I would use the new book, and just go straight through, step by step, developing a buyers list and sellers list, and work on the assigning properties deals to build up some capital. That's where a lot of us are right now.

Good luck and keep us posted!
Tracey

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

I have screened some properties in new jersey that are short sales. They all require some rehabbing. Our mls agent showed us these props, however we don't feel that she is savvy enough in submitting Short Sale Packages and offers to banks.
Has anyone submitted they own offer/package on props that need work and where you need to justify your low offer?
Has anyone has success with sending in an offer "buyer name and/or assigns"?
Has got any suggestions or comments to share.
Mati

Laura J was talking about her offer package that she uses in her journal, and I know she and Rina are currently doing a long-distance and/or assigns deal together. You might PM or post to her journal and ask about the package. I know I'd like to see it too!

Tracey

hi, i was just inform that ,the three homes that i was interested all three have been removed and are no longer on the market, that seems odd, the houses were not sold just remove from the list, is this unusal? or does any one know what happens when the bank removes foreclose property from the mls? thanks for info.

It's not unusual Missnoble! The properties may have been sold and the list may not have been updated. I see it happen all the time and it's not unusual.

Lloyd

There is a time period in which they can be redeemed by the owner. This could be what happened in your case.

Rina

I just saw a reo property. It was my first time going out after reading both deans books. i just joined deans investment group just yesterday. I made two appointments to look at properties yesterday. I just came back from the house. It is worth $179,900 it is a mulifamily. The zestimate on the house is $390,000. i was told by the agent that I can put in a low offer because it has been on the market for a while as long as it is not in the $10000 range. When she told me that it blew my mind I took her name and said please send me more properties at my email address she told me no problem. I really do not know what i am doing as of yet because this all new to me but I am getting a rush just trying it out. i love all the advice thats out there. I just want to know what offer should I put in for it i really do not know as of yet.

Use Dean's offer calculator in the middle left under calculator's and tools.
Hope that helps