REA says wont put in offers on REO

Go straight to the bank and try and contact them yourself, or try and find another realtor that will help you more. You never know what the bank will accept, don't let one realtor shatter your dreams. You can find a way around this.

Jeremy

Sounds like you dont have the right realtor in your team so it's time to look for another one that understands the business that you are trying to do. Some of us have to interview at least 10 before they find the right one. Good luck !

Warm regards,

Paul T. La Moy

You've already been given wonderful; drop that zero & go find yourself a Star agent whose going to do as you say & be agressive! Continue blessings in your REI endeavors.

Congratulations on taking action and being creative with your offer. As others had mentioned try to contact the bank directly and see what they can do for you. The smaller local banks may be a little easier to work with compared to a larger bank. However, try to find out the Asset Manager that might be in charge of the REOs.

Most local small banks want these (Liability) REOs of their books. You can also find another real estate agent and try to find an agent that is knowledgable, eager and works with investors. The more information you gather on banks and agents, the better options you may have as you try to close some deals.

Keep the faith and I give you an A+ for effort. Keep up the good work. The deals are there, just keep on trying because when one gets closed it will make this all worth it. Believe and Achieve! - Joe

Don't let this one REA get you down! Keep up the positive and find a new one or contact them directly. Good luck to you!

Did I hear the words NEXT! Some will some won't! Your looking for the some wills. Try looking for agents online or in the free homes books availible everwhere you could think of. Look for those that advertise selling foreclosures. They are going to be the ones most familiar with the process. Keep the faith! Continued success........Lubertha

We all seem to have the same thought of your Realtor. I would suggest contacting more Realtors. When questioning the Realtor to find out if they are good enough for you just add the question: "Are willing to try something with me? Are you ok making offers at 50% of asking price while asking the bank to finance real estate?" If they say no that Realtor is probably not for you.

There are people asking for the bank to finance their own REO's and getting it. You never know unless you try.

Thanks to all those with words of encouragement. I am on my pursuit to find a new realtor. I wrote up an offer and faxed to the bank directly. I know one of the houses has a offer pending inspection. I already looked at the house and I did mention that in the letter to the bank. We will see what happens. I have been hitting a few road blocks but learning a ton. My first deal is well worth as Indiana Joe says above.

Thanks again
hillvalley

My Realator is telling me that HUD owned homes are "very strict" and won't accept offer "and/or assigns" anyone else haveing trouble making offers on HUD homes with this stipulation?

This is a great question for another thread. That being said just about every bank is having trouble with "and or assigns". There are a few creative ways to work with this but in general banks and the government do not like "and or assigns". To make up for this the most common closing is the double closing. This can be just as if not more effective in closing the transaction and making money. Consider this as an option when working with bank or government properties. This would mean that you would not put the "and or assigns" on the contract. Instead you would just use your own name or the name of your business.