BiggerPockets

I have never used those programs. Best thing to do is find an agent, if you dont have a friend who is an agent, or just get your license. You can find out all the info from the mls instead of messing around with those programs that dont give you exact info.

1. no
2. yes and no
3. not sure if that was a ?
4. banks have ability to rent properties out. perhaps, its not a REO yet and the info is wrong.

Hope this helps!

My RE agent gave me a list of REO listings, the info. said Corp. Owned.

It is because these companies, not lenders, bought in bulk reo and now turn around trying to sell individually?

Have any of you try to make a low offer or just an offer on corp owned and is it a good deal? I don't want to waste a time if they are also wholesaler.

Steph,

Starting on the 21st of this month, I'll begin going out with my RE agent every Monday and placing offers on REO's in my backyard. Have my funding in place via a few of my private lenders (not hard money), I will begin making 6-7 all cash offers a week on properties that will need some repairs. Plan to resubmit offers from the month before along with new batch of offers and so on...drip, drip

Currently, at the FC sales, the average transaction is anywhere between 65-70 cent/1.00 and, of course, most properties up for auction are going back to the banks. Buyers/investors their, some at least, are buying in an area that I'm targeting for myself as a principal investor...

Question: how do I compensate my RE agent when I do decide to whole sale a particular deal instead of eventually giving her the listing to sell the property later?

She's great person to have on my team and would like to know how this could be done. Would like to be as transparent with her as possible and do what's right.

Thanks in advance,

William

William,

If you put something under contract on the MLS and then wholesale it, your agent will get part of the commission when the deal closes- usually 3% of the sales price.

Steph

Thank you Steph!

Will,

Yes, double close will be the way to go down here.

'It is much more productive to get deals BEFORE they hit the MLS!'

I hear you there... I have "learned" a way to do this and will put it to use very soon

I go to my countl FC auction once every 2-3 months to meet potential PL's, networking, be on top of winning bids, etc...and one way is to approach the attorney representing the lender and ask a few questions...if a particular property that you may be following did not sell, you can then ask him/her who would be handling that REO back at the bank. You could also just call that attorney right after the sale, as that info is public anyway.

One of the main reasons I want to go out with my R E Agent is because South Florida is inundated with inventory... and MUCH more to come. My rational is that I'd focus on the ugly ones which have been listed for quite some time, maybe north of 120 days.

Have you ever made that many offers on a consistent bases with thorough follow up (constantly resubmitting bids every 3 weeks or so)

Value any feed back you have.

Thanks in advance,

William

Thanks Will.

Establishing a direct relationship with a heavyweight REO broker in my area is also a great way.

Definitely take everything you said to heart.

William

LOL