WOW!!... After two years of studying this site, I FINALLY made 11 REO offers!!!!!!!

Way to go!!! 11 offers, that's the way to do it! Get it done and make some money! I can't wait to continue to hear of your success in 09! 09 is bringing some great opportunities to us investors! Keep us updated on how things go.

Rusty

Congrats!! That's awesome. I wanna be like you when I grow up! Were they low-ball offers and at what percentage of FMV? What's your biggest source of REO listings?
Wayne

I decided to set my offers at 50% of asking price, not FMV... I know that seems quite BOLD of me! But, my mentor told me tonight, if the lender accepts your first offer, your offer was "too" HIGH!! So, I expect the lender to return with a "decline," but, then I have so much more room to move up!! However, I do have a MOP where I draw the line....

I receive several listings from "two" different RE agents... I happen to live in on the border states of OR/WA, so I make offers in PDX and VAN... kinda nice ... I get so many listings per week albeit, preforeclosures, REO, short sales..... So, I don't have to run around looking for MLS listings the listings are right at my email weekly!!! Actually, I do have an RE agent on my team who looks out for me.... She sends me ALL the latest info. and tomorrow we are sitting down with a developer who has properties tied up with a bank, which was "seized" due to the market crisis... So, he wants to sell off his properties for pennies on the dollar, well not pennies, but somewhere between 40 - 50% on the dollar...

If interested let me know, just PM or email at: reiproperty4u@****.... I'll be in touch!!! Shalom!!!

Good job dude!

As far as paper work, what happens if your offers get accepted? What forms come next to lock it up? What technique do you use on bank owned properties?

Regards,

Ben

Christopher, that is fantastic! You've taken action and made it over one of the biggest humps in the game, now it's all downhill from here! Congratulations, now keep it up and you'll be on your way to financial freedom in no time!!!

God bless,

I have my RE agent making the offers on my behalf. It's just easier that way... If any one of the offers are accepted the listing agent will complete the "agreement of purchase," then I will sign showing I have accepted the deal (now it's locked/secured)... I then make certain I have ALL of my clauses in place (i.e, inspection contingency, right to refusal, 30 - 60 to close, transfer clause, etc)... I go on the hunt to find an "end-buyer" while the clock starts ticking....

I may have offered some earnest $$$ (i.e., $500 - $1,000).... whick will be returned at closing.... I make certain I placed in the contract "buyer WILL PAY ALL closing costs" .... Lastly, seller/lender will "PAY BOTH AGENTS THEIR FEES" at closing... That's there is to it.... U get your $$$ and the buyer gets him/her a house!!!

I may use a "simultaneous closing" or just "assign" the property to an end-buyer for a fee.... Just depends on what time frame I have to work from and how soon I can locate a "buyer."

So you were able to lock these properties up with only earnest money? Did you have to show proof of funds or pre-qualification letter from a lender?

Just asking because I am making offers next week on some REOs in my area and wondering what I may expect ( I realize that every bank is different and also may operate differently depending where you live).

It's great to see that you are now motivated and are making offers! Good luck!

Thx,

Neil

Wealth,

That is awesome! I want to make some offers this week!

Thanks for the info regarding your offer price. My area is flooded with REOs and I've struggled a bit on what to offer because they are all already way under FMV.

So you just offered 50% of the banks asking price?

How are you planning on assigning an REO? I've heard people on here talk about using a land trust.

My exit strategy is to do a double closing with Coastal Funding.

Please let us know what how many are accepted!!!

Hi:
I am looking for good area with REOs. Which area are you in?

Hi, I am in Vancouver, WA.... believe it or not we have TONS of REO's ... If you want to partner at some point we can talk further... Also, I have a BUYER's LIST I received from a gentleman, who decided he could no longer remain in the business, due to health reasons (at least this what he explained to me)... So, I purchased two of his web sites for $500.00, along with TONS of marketing materials, scripts, nearly 400 names on his buyer's list, etc....

So, I am actually looking for a partner to work with buying REO's in my area... Again, this area is flooded not only with REO's, but preforeclosures... In the news approx. 4 - 5 weeks ago they stated Oregon had the "highest" rate of foreclosures in the nation. Now, I did not research their sources, but this did surprise me... Oregon happens to be just across the river (15 minutes away).... So, here in Vancouver, WA (on the southern border) and Portland, OR there are too many properties and not enough investors in our area... One of the reasons I know is because I have placed my ads on Craigslist for my area and most of my responses have been from out of state.... Another reason I know is because I have search Craigslist to seek out other investors in my area and they are not listed... I even contacted my local REIA club and understand we may have around 20 - 30 investors in the monthly meetings...

So, enough said... If you are ready to make some $$$ up here in the Evergreen State/City of Roses let me know... reiproperty4u@****.... Shalom!

Can someone list all of the clauses that should be put on the purchase agreement?

Thanks

Scott

Great Job, and congratulations on taking the first step. I hope to be brave enough to make that many offers. I'm working on my first deal now which is turning out to be a short sale. A few questions if I may... How did you determine which contingencies, and clauses to add to your offer? Did you decide on your own, or did your realtor help you?

It sounds like you've found a niche. I believe that it's a great time to find REO's, espeacially with the situation that the banks are in.

Great job on taking action. I am looking for a new RE agent, as I just found out mine isn't "on the same page" regarding my plans and therefore won't submit any offers on all the REOs for me because I am not "pre-qualified".... I don't think she was paying attention when I told her my intentions. I am sure someone else will take the business.... Good luck - keep us posted !