OfflineToo often I hear complaints and much frustration that banks are too slow at best or never respond to an offer on an REO. The primary reason why banks don't reply quickly is because they're accustomed to receiving multiple offers in a short period of time. The banks have the luxury to hold off until they receive the highest/best offer. In worst case scenario, they can always send it to REDC auctions (multiple times).
Once in a while you hear that someone actually bought a property from the bank, but that would only indicate that the bank exhausted all avenues and finally gave up on the property. It probably went through the wringer a few times. First with a broker and later at the auction. Either the bank did not accept any of the offers or it just was a bad deal for anyone to touch.
We always hear that banks are not in the property management business, but think about, banks are also not in the money losing business either. They employ the best and brightest MBAs to make them money, not give it away.
That's all I'm asking. But it's funny, no one seems to be doing it. Or at least not willing to talk about it.
I think there is a lot of great info in this thread (mixed in with the negative, possibly planted, comments). I liked the comment above "he who gets there the fastest with the mostest wins". lol. I think that is very true, and I know I have to be on top of the listings and/or in close contact with agents who represent these banks. Also having cash lined up for offering on REOs makes a huge difference (doesn't have to be your own).
The DG Family is the most supportive (and knowledgeable and successful and unselfish) group of active RE Investors that I know. I just want to thank everyone in this thread who has made the attempt to share knowledge and motivate others to see their full potential. I know it has helped some to be stronger in their resolve to move forward. You guys are awesome!
If anyone would like to know more about the great REO opportunities in the Midwest, I would love to speak with you in my journal, or you can PM me. I don't want to add work for myself, LOL, but I would be happy to share some more examples and/or work together on some deals.
God bless, and I hope everyone has a WONDERFUL weekend.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249