Ok, we just took back a house in Tulsa at the foreclosure auction this week (we were the lender) and I'm going to make it available to purchase as-is to the local market. It needs appliances and a new furnace but otherwise in decent condition for a rental.
Does anyone have any suggestions on how to market this to investors outside of listing as an REO with a broker?
Hi @Bob Malecki
Please PM the details.
1 (2?) word.. Craigslist!
send me the details. If I don't want it, I most likely will have a local buyer that does. I'm not an agent though. I'm a buyer and wholesaler in the area.
Bob, if you'll send me the details as well I or one of my buyers may be interested. I'm a wholesaler in the Tulsa area.
Please send me the details.
I think that you just have marketed your property. LOL
Who needs the Market Place ?
Bob - If this is still available please PM me details.
@Bob Malecki Hi Bob, I'm an investor in Tulsa. I'm interested in your property. Please send me details. Thanks!
@Bob Malecki , I'm surprised to read that you were even allowed to consider looking for Investors INSTEAD OF "listing as an REO with a broker"!
Is this something any Bank can fit into their policy, or are you the odd one out? Cheers...
Hi @Brent Coombs , each financial institution will have its own policies for how they sell their REO inventories. My company is a multimember llc and as the lender who foreclosed on this home, we now own it and we are "allowed" to do what ever we wish with the property, including selling it outright and even considering some seller carryback financing. There are no rules that require us to list with a broker unless we decide to do so.
@Bob Malecki , thus, I'm surprised it's still on your books 9 months later. Good luck with it!
Oklahoma is a judicial foreclosure state, 9 months is really not that long.
And you are doing this to avoid 6% commission?
Well, to some degree yes. I have no problem paying a broker commission or finders fee but find that most RE agents are oriented towards "regular" homes and don't have good grasp on REOs. I've found that investor-to-investor marketing and relationships go faster and provide a win/win for all.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!