Looking into REO's
HI all, and thanks for the help ahead of time! I was driving for dollars the other day when a house really caught my eye. Turned out to be an reo, sign right on the line. I would really like to give the realtor a call and give the house a look but I haven't looked at an REO yet, only private sales. This REO got me thinking a bit so I did some research on BiggerPockets about REO's and feel that although banks are tough to negotiate with if you approach it the right way you have basically the same shot you do with a private sale. Also I feel that I have much more confidence and firm negotiating stance going against a bank compared sweet ol betty going to the nursing home. So I have a few questions before I really give it a shot!
Here is the process I planned out based on what I've read.
I was planning on calling the individual listing agent per house to schedule and appointment.
I am a general contractor and rehabber so I was planning on going to these houses and just looking them up down and sideways to insure that I feel safe without an inspection contingency.
IF interested in the house submit an offer for cash, no contingencies, and offer to close within a 7-10 days.
1. Do I have to meet the realtor there or will they give me the lockbox code?
2. Am I under any obligation to make an offer after looking the house over?
3. How long do you normally have to submit an offer? I know it'd be great to just know it off the top of your head but, I'm a numbers guy I'd rather take the time to run my numbers...
3. If using a private investor for funds, I assume I will have to have the investor show proof of funds? Or do I need the money in my name to submit these offers?
4. I feel that some of these reo's are listed at some rather ridiculous prices all things considered.. Am I wasting my time offering that much below list price? Are these list prices ever paid?