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How to Structure Offers for Bank Owned Properties

Posted on: Fri, 09/23/2011 - 15:39
How to Structure Offers for Bank Owned Properties

Hello,
I'm fairly new here. 1 1/2 months old. I'm wondering if anyone is mainly focusing on doing deals without an agent. I've been working on and on to find an agent, but to avail. Anyway I know there are many ways to do wholesaling. I would like to know for those of you who are focusing on bank owned properties without an agent, is there an ideal way to write up or submit your offers?
I'd love to learn to submit my own offers and negotiate with the banks in a way that would make them sit up and take notice. I dont' have an LLC now, so how can I learn to submit an offer that a bank (in San Diego) would consider. I here San Diego is a tough market and the bankers aren't budging for the small investor.

Thanks,
Karemah

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Posted on: Fri, 09/23/2011 - 15:45 #1
Karemah

San Diego is tough- so is Cali in general

Most reos have an assigned agent you have to go through- I hear they not budging on prices

You used to be able to go to the Loss Mitigation and make some good deals and get the financing to boot

You may have to go after fsbo and probate

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Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Posted on: Fri, 09/23/2011 - 16:29 #2
Ugh!

Smiling Ugh! FSBO's for me are hard because they have their houses priced so far high above FMV. Plus many of the sites say FSBO, but when you go to view the info, they say contact this agent. Go figure. Probates, boy they are very time consuming it seems. And unfortunately I'm very low on time. I'll give these methods a go though.

I am originally from Buffalo New York, and I've been contemplating wholesaling in that area. Any body know about the market in Western New York?
I'm not giving up on Diego though. I'll see how things go here. I'll keep trying.

Thanks,
Karemah