I wanted to know if I have to find an REO on my own, or can a realtor locate them for me? Thanks
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To answer your question yes - I take alot of the legwork out for my customers and clients. Not only can we find them but we can find them pre-forclosure as well. We also have access to many tools and databases and are able to handle the entire process for you. We can perform valuations on the property informing you of its current market value and we could tell you things like when it was last sold and for how much. There are many things we do to help you. There are different forms and legal issues involved that someone untrained may not know about.
I am interested in locateing any property investment clubs in SE Tenn. I am also trying to form a local one. I quite often get pre-forclosure properties and alot of bank owned properties that are below market value but need to build a list of investors who are willing to move fast on good deals. I work from Chattanooga up to Knoxville any one interested in forming a group or if you are a member of a group please contact me. I am a licensed affiliate broker and my company has 10 offices in this area to make it convienent for both clients and customers. Thanks for your time. :D
How does the process work on the pre-foreclosures that you get? I've heard of people finding these through lists, but never through a broker. How can I use realtors in my area to get pre-foreclosures?
Hey would you like me to have a realtor in your area who is familiar with investors and preforclosures contact you. That way you could learn from someone local to you and first hand if your ready. Drop me an email at [REMOVED]with your contact info and please include your city or zip your in and I will have someone contact you.
Here is a list of REI clubs in your area:
Also, just a difference of opinion but I'd like to chime in that I've always disliked the "there are a lot of dirferent forms and legal issues..." argument. Almost a scare tactic and it infers that your clients are not smart or savvy enough to grasp the complexity. The value proposition I give to clients is not that it's too big and scary to do for themselves--you can also learn to become your own lawyer in order to defend yourself in court, or you can become a master mechanic in order to build your own car--the question is: do you want to do the work and research necessary to represent yourself competently? I save them time and effort, that's it. Instead of having to take the time and hassle to go learn local real estate issues (like laws, forms, procedure, market) using me eliminates 99% of the hassle. I just think that's a more fair approach to clients than propping up a boogieman.
I have seen few threads here that get jumped on with such marketing expectations as this one! So far, everyone wants to assist, LOL!
You should be able to look at the loacal MLS on line, the REOs are listed and will show up there.
The ONLY WAY you get to a PRE-FORECLOSURE is by working with the homeowner, and the HO and the lender, NEVER through the lender alone, the lender has no say in a deal unless it is a short sale and then, basically only to the extent of an acceptable amount paid to the loan, with conditions.
And anyone who tells you that you don't need to understand your market area, just sit there and buy and I'll do the work, is someone, IMO, you should not just walk away from, but run from! And a "consultant", LOL!
Reminds me of the old joke.....Last year I couldn't spell Kunsultent, now I are one!
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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