Bank wants me to buy their REO's :0)

I am sure that we would love to help you on this.

A couple of things which are very important. You need to fill out your bio. That is the first place we go when you ask a question. We have no idea who you are or where you are located. Things work differently in different areas of the country. Plus, we figure if you are serious about this, you will do these things and look a lot more professional.

One very important thing POPS out when I read this. The appraisals are WAY too old. These were done in the peak of the market. Yes, according to those numbers, the deal looks good but you need to find current comps. Who knows? Values may have dropped 50% and then their price is NOT a good deal and you would need to negotiate with them further. Do you have a realtor or even better a title rep that can get you some good comps? Start there and let us know.

Always wonderful to have the bank calling YOU! Good luck!

Karen

Is it a local bank? Yes, NEVER go off OLD numbers.... Always go off the current comps. Just bc it had appraisals done 4 or 5 yrs. ago when the bubble burst, doesn't mean it's what the property is worth now. I don't think you'ld be able to keep the property you want, but it's a start. That's quite a concept to have a bank president call off your bandit sign! Where did you put your signs to get this bank prez?

Hilvalley,

DO NOT post the name of the bank here in this Forum; and for that matter I would not put any more info down in your Bio atm than your real name and the State where you live (and even that might be too much info). If you list the name of the bank and/or your city, several sharks from this site will dive in and take this deal from you.

I know keeping the beautiful lake house with a view sounds wonderful, but honestly speaking, after it is no longer REO, do you think the County Tax Appraiser is going to keep it on their books for only $540k when it was once valued (appraised) at roughly triple that?? How long can you afford to pay taxes on a $540k house....or double that?? Actually the lake house sounds like the real gem in this deal; sell it for say $750 and put a cool quarter-mil in your pocket on just one deal!!! Now that is what I am talking about...

Good luck; do fill out your Bio but just be very very judicious in what you include other than your name and maybe your state (and even then some people will be able to find your city....as it is out there.....in public records.....somewhere.....everywhere....for all of us).
--Walter

Thank you all for your words of wisdom so far. I have take action and made some of the changes you suggested. I am following up with him (I do know he is real from the local community) on Monday. I need to get exact numbers so I know what I can accomplish from the deal. I hope I didn't endulge too much information on my deal. :0( I am just looking at getting some good advice from those who have more experience under their belt. I will also contact my real estate agent to get some comps. I know the appraisals are old, but that is what he sent me so far. I know one of the comps on the appraisal for the very high end house is actually a forclosure now and is listed at half of the price of the comp. I guess I shouldn't disclose what my payday will be until it happens. My goal is to accquire all the properties 5 or 6 to be exact, and sell the very high end one and a few others to cover the cost of the bundle and if that means keeping one for myself or making a profit and or both. Got to aim high right. :0)

Don't forget to figure in the selling and holding costs (for you and/or your buyer)and your rehab/remodel costs before you come up with your offer. Then do like Karen said. Determine what the properties are actually worth today. I.E. run your comps (accurate comps!!)Don't go by the banks numbers!!!!

Good luck, could be a good one!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

ask the bank if you can have access to the properties so that you can get a couple of contractors give you estimates of any repairs needed; once you have all the information ready, you can present it to one of your buyers; if you don't have a buyers list, I would be starting to build one right now... because if these properties turn out to be good deals, you want to turn them over quickly! Then you may have enough funds to purchase the one property that you would like to keep.

Wishing you success,

Ok I am contacting my REA on Monday to get the most recent comps and the bank President for further details and to build more repore. :0) The question is how to finance the deal-the best deal, until I sell it, not quite sure on that one right now, but just minor detail. How to market it to get it sold, when I don't quite own it yet, etc. Just pieces of the puzzle that I have to put together. I am thinking that it could be a fantastic catch when I pull it all off. That is why I asking you amazing people, :0) so that I make sure I get all my bases covered. I know you guys will keep me accountable and in the game. Thank you all again for your help! :0) Sometimes when you have a big fish, it is ok to ask for help to reel it in.

Good point, I will ask the bank for access to the houses. I think some of these are not even listed with an agent yet and the bank is marketing themselves, even better so that I can stay on top of it before others are even aware of them.

You are awesome! Kudos to you for getting that bio done immediately!

I would also suggest going in to talk to the banker personally instead of just on the phone. Much better way to build a relationship. (this may have already been your intention, but just in case)

Once you get all your numbers, you will need to get it under contract. Of course, do separate contracts for each property. Then start marketing it IMMEDIATELY!!

Like Valerie said, start building a buyers list NOW as in YESTERDAY! Run ads on CL or Penny Saver or where ever people advertise up there-- like you have seen suggested here saying that you "find deals that are well below market value and are adding to your buyer's list". You could even say "Finalizing contracts on some VERY lucrative deals RIGHT NOW! Get on my list so you will be one of the first in line!" Start putting out bandit signs!

Sounds like the banker is very open to working with you. After all, he DID contact YOU! Let that give you confidence!

When you meet with him be confident! Act like you do this stuff all the time. Then if you need to come here, do it! We are here to help you, Girl!

You can do it!

Karen