1ST LOOK AT HOUSE, ANY ADVICE?

Question

I was wondering if anyone had some advice...

I'm looking at my first perspective rehab with the REO's realtor.  Any pointers one would give to a newbie in this situation?  What to bring, what to say/ask, what to look for (besides the obvious)?  What or will the Realtor expect anything from me?

Thanks guys/gals,

8)  LONNIE  8)

Account Closed · Answer

There is no magic. You will want to avoid properties where the lender has already fixed it up to move in ready standards.

If you want find an agent that you like working with. Someone who gets it.

Then have them pull up all the REOs on the MLS. More to focus on what agents work with which lenders. See what the inventory is like. How long properties are on the market and all the other details that are normal for figuring out what is going on in your market.

Then look at the properties listed to get a feel for what is normal for each lender if you can detect a pattern. If you find a deal then chase it. If not then see when new listings happen. Some lenders release them as and when while others have a regular meeting so all new properties for sale hit on a particular day.

In some markets there will be display ads for the REOs. In other markets there is little special that is indicated other than in the comment section of the MLS listing ("bank sale - no seller disclosure statement" is common).

You do not need your own agent. It could be easier if you are new using one if they really have been around a while so understand the normal paperwork. You might want to do something that is uncommon so expect some push-back. The point is at least they will know was is the convention. If you choose to break convention then they will still take the offer and present it.

At some level I can not tell what experience you have so the advice is not very precise. I also do not know your market. As you learn more about the market and share it I and others can offer more precise advice.

John Corey

N/A N/A · Answer

Thanks for the replies...

I am looking specifically for what should happen with first meeting with selling realtor, when its an REO.

Thanks,

8)  LONNIE  8)