Comments on: Quick Answer Series: Oh No! Another REO!

By: Jacob Christensen

Jacob Christensen — Mon, 14 Dec 2009 16:26:17 +0000

People say that really there is too much lender out there offering reo properties. The bank owned homes are the best option and more guarantee

By: Jim Callery

Jim Callery — Thu, 10 Dec 2009 13:36:45 +0000

You’re right on! Having worked through the real estate recession in the 80’s, I have stayed out of the REO and Short Sale business this time around. I can always find a re-sale seller that is willing to compete with the REO’s in the neighborhood. Plus, the buyer doesn’t have to move in and start replacing missing fixtures and repairing damage. They can actually get a nice home for the money. What a concept.

By: Gomer Homingway

Gomer Homingway — Wed, 09 Dec 2009 19:21:35 +0000

This was a great post. We have just launched our new REO site with homes for sale and it is more focused on the consumer homebuying side (http://www.gohoming.com)- GoHoming. I found a lot of your points quite interesting but I do think that the first time home buyer can really take advantage in this market and the real estate agents who pursue marketing to apartment communities and colleges for REO can do exceptional.

By: Carol

Carol — Sun, 06 Dec 2009 22:21:10 +0000

Let me see if I have this info right. $189,000 sale. Paycheck is $4536.00 Hmmmm 3 month process and buyer paid you?

By: Matt

Matt — Sat, 05 Dec 2009 15:02:32 +0000

Excellent comment! Thank you.

By: Kevin Holle

Kevin Holle — Fri, 04 Dec 2009 15:13:38 +0000

I do all of my work in the REO world. I have been successful in this niche for several years. I make a good living, and I have a substantial book of asset amanagers as well as investors. Yes there are a lot of long hours and a lot of paper chasing, but I wouldn’t have it any other way. The key is that the timing is wrong right now for anyone to get INTO the REO business. You need to be an established REO agent already if you want to be successful in this market on the listing side. Investors are always looking for rookie agents that they can latch onto and and waste lots of time with looking for that diamond property. If you want to get into this market, find a successful REO broker and have a long chat with them before you invest your time and effort into a long and challenging journey.

By: Marcia Ramsey

Marcia Ramsey — Wed, 02 Dec 2009 15:31:26 +0000

Ribs do get messy! I too worked with a REO buyer for 8 months and no closing! They wanted to steal everything and lenders really are not in the mood for that. I am back to retail and doing well. Almost starved to death with the wholesaler/investor/REO buyer. Agents beware – be sure to qualify your buyer and their motivation. If you can’t picture yourself at a closing with this person – it just ain’t going to happen!

Marcia Ramsey

By: Overland Park Homes For Sale

Overland Park Homes For Sale — Mon, 30 Nov 2009 17:10:59 +0000

I like the “eating Ribs” analogy.

By: Matt

Matt — Sun, 29 Nov 2009 13:04:33 +0000

Thanks for reading! Your new work looks interesting. Certainly there are plenty of owners who are willing to do some or all of the financing out there, but how do you find them in quantity? Thanks for your comment.

By: TomNJ

TomNJ — Sun, 29 Nov 2009 05:55:58 +0000

I worked for a month for an REO investor, bird dogging properties for him. He made a lot of offers, but never closed on anything. Gave up on him. He wanted stuff for nothing. Banks didn’t take him seriously.

Take a look at http://www.ownercarryit.com, for seller financing real estate.

That’s what I am up to now.