Looked at 2 REOs Today

- In no particular order -

-Went to look at an REO. When I got there I found that the property is across the street from a huge metal producing factory. The house next door was somewhat boarded up with some windows that looked like rocks had been thrown through them (same thing with the REO). The town was looking good, all except for this street. The property looked shot, it had a huge hole in the roof and I was told lots of water damage inside. There were mountains of garbage and alcohol containers in the backyard and on the side of the house. The realtor gave me the lock box code, but I didn't feel completely safe and didn't think it would be worth checking out further, so I left without inspecting the inside. I also asked this broker about another one of his listings, but it already went under contract. While leaving this town, I saw a boarded up house. I wrote down the address, but I don't know that it's worth pursuing. It is located on somewhat of a narrow busy street with no driveway and a no parking sign right in front of the house. But, there was a WE BUY HOUSES flyer taped to the door, so I'll be calling that tomorrow to see what's what.

-Went to look at another REO. The house looked ok, needs work but it's not a wreck. The agent showing the house said that there is an offer pending approval. He is going to let me know tomorrow what the verdict is on that offer and let me know the comps for similar homes are. He also mentioned an offer price that was turned down, so I'm not sure that the bank is ready to let this go at a cheap enough price yet. Assuming a home owner doesn't buy it, I might just have to give it some time.

-Called an REO agent, the property I was calling about was already under contract.

-Called another REO agent, the property I was calling about was already under contract.

-I made an appointment with a broker to check out a property in my town. The property already has a tenant in it, which made me think this might not be a motivated seller. So, I called her back to apologize and say that I changed my mind. We spoke for a bit and she said she's going to send me some listings for what I'm looking for. I'm not sure if a tenant in place has anything to do with the seller being motivated? I could be way off on that one...

-Got a return call from a REO broker who I left a message with earlier in the day. I will be checking out an REO duplex tomorrow.

-Called an REO agent and left a message regarding a property.

-Posted 10 ads on Craigs List. 7 looking for sellers, 3 looking for buyers.

It is frustrating not being able to run my own comps. I try looking at recent sales on Zillow.com and Trulia.com, but that is hit or miss. I need to get access to the MLS, but I'm not an agent and don't particulary want to be one...

Tomorrow, I will be checking out that duplex and possibly putting in an offer on the REO I saw today.

Brian