Did anyone else get a bunch of REO offers accepted last week?

Buying & Selling Real Estate
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Did anyone else get a bunch of REO offers accepted last week?

Shawn Holsapple
Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes

Just curious if any other active buyers got a bunch of offers accepted last week?

I usually make a few hundred offers per week and land 2 or 3 per week - but last week [the end of April] I got 15 accepted in the last 4 days of the month.

Apparently the asset managers got the green light to dump some assets.

My market is the Indianapolis & Central Indiana area.

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  • Account Closed
    Rental Property Investor · IN · Member since 2015 · 125 posts · 93 votes
    10y

    That's fantastic for you!!  Hope you have all of the funds you need to close those deals.

    0Reply
  • Shawn Holsapple
    OP
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    10y
    Originally posted by @Account Closed:

    That's fantastic for you!!  Hope you have all of the funds you need to close those deals.

     LOL - it's a little more than I'm used to handling all at once - I might have to raid the piggy bank and shake the couch cushions...

    0Reply
  • Nathan MillerPro Member
    Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 202 votes
    10y

    Are these all foreclosures you've made offers on then Shawn?  It's a bit frustrating that the banks continue manipulating the markets.  I'd love to see a nice steady release rather than doing it in buckets.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Shawn Holsapple  we had a very active end of the month.. I was as busy as a one armed paper hanger.

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  • Clay Manship
    Indianapolis, IN · Member since 2013 · 549 posts · 310 votes
    10y

    Agreed @Shawn Holsapple...@Evan Manship and I got 3 REO deals under contract in the last week of April and are putting them all in our portfolio. Let me know if you find any extra change in those couch cushions.

    0Reply
  • Shawn Holsapple
    OP
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    10y
    Originally posted by @Nathan Miller:

    Are these all foreclosures you've made offers on then Shawn?  It's a bit frustrating that the banks continue manipulating the markets.  I'd love to see a nice steady release rather than doing it in buckets.

    Yes, all REO's

    0Reply
  • Jonathan David
    Attorney · Portage, MI · Member since 2016 · 38 posts · 16 votes
    10y
    Does this signal that they know something we do not know, and are trying to dump everything now
    0Reply
  • Julia Shevchenko
    Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
    10y

    Wow, a few hundred offers a week, that's impressive! What is your strategy for the properties?

    0Reply
  • Shawn Holsapple
    OP
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    10y
    Originally posted by @Julia Shevchenko:

    Wow, a few hundred offers a week, that's impressive! What is your strategy for the properties?

     My strategy is to offer on everything and see what sticks...

    If it's a flip - I use the 65% rule.

    If it's a rental - I have a formula based on rent and rehab that I use.

    0Reply
  • Sean Cole
    Investor · Cincinnati, OH · Member since 2012 · 506 posts · 331 votes
    10y

    @Shawn Holsapple we had an abysmal April... until last week.  We picked up 5 and wholesaled 4 (had 3 others accepted that the AM then pulled from the platform I bought them on).  For us, it seemed less a function of AMs suddenly being ready to dump as it was an slight uptick the week before in properties that we could be aggressive on.  For a few weeks there, it was slim pickings.

    0Reply
  • Mike Knowles
    Investor · Chicago, IL · Member since 2011 · 80 posts · 21 votes
    10y

    @Shawn Holsapple - congrats!  What a week.  I'm looking for a project (or two) so let me know if you're interested in moving any of those or partnering on something.

    0Reply
  • Jade S.
    Investor · Evans, GA · Member since 2015 · 190 posts · 103 votes
    10y

    Way to go! Crappy month for REOs on my end, although I certainly didn't submit hundreds of offers. Priced close or right at to market, with very little budging by either the VA or banks. Eyeballing a few that are inching down in price though.

    0Reply
  • Paul Burke
    Investor · Sacramento , CA · Member since 2014 · 20 posts · 7 votes
    10y

    @Shawn Holsapple Great to hear!  Let me know what you want to move.  

    0Reply
  • Shawn Holsapple
    OP
    Residential Real Estate Broker · Indianapolis, IN · Member since 2010 · 1k+ posts · 557 votes
    10y
    Originally posted by @Paul Burke:

    @Shawn Holsapple Great to hear!  Let me know what you want to move.  

     Email sent!

    0Reply
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