Recent REO Success Stories

Recent REO Success Stories

Member since 2008 · 74 posts · 0 votes

I've read so many posts about "How To's" and "What am I doing wrong?".

I would love to hear recent REO success stories. If you've purchased an REO in the past 90 days or so, it would be great if you could tell us about it. A little motivation to those that are struggling, that's all.

If you can, tell us what area the property is in,
original list price,
list price at sale,
purchase price - negotiation details,
seller concessions,
days on market,
property condition,
any inspections,
financing,
smooth closing or not,
agent(s) behavior,
market conditions,
etc.

And if you've already listed or flipped the property, how did that work out for you?

You don't have to provide all of the details above, just anything that you would like to share about your successful REO transaction(s).

I look forward to reading your inspiring true stories.

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  • Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
    18y

    Thanks John, that answered my question fully.

    TC

  • Real Estate Investor · Fort Wayne, IN · Member since 2008 · 424 posts · 5 votes
    18y

    I have a quick REO success story. Purchase price 45K, rehab/holding/closing totaled 13K, all in at 58K. Rehab took 2 weeks (cosmetic), 2 weeks on market and we had multiple offers, accepted one for 73K and walked away with a quick $11,000 after selling fees. I had a nice dinner that night... :D

  • Philly Area, PA · Member since 2008 · 297 posts · 27 votes
    18y

    Congrats man.

  • Real Estate Consultant · Carlsbad, CA · Member since 2008 · 20 posts · 0 votes
    18y

    I have seen/been involved with a few smaller REO deals, but I have never actually known anyone to close a bulk REO deal over $200M. Does anyone actually have any stories with a deal that large?

  • Real Estate Attorney · Charlotte, NC · Member since 2008 · 54 posts · 3 votes
    18y

    I have been closing REO deals for five years... from my side of the table (an attorney) the most successful closings are the ones that have certain ingredients:

    1. A knowledgeable listing agent who has done their homework, and has a great relationship with the Asset Manager

    2. A knowledgeable selling agent (buyers agent) who has done their homework, and taken the time to learn the local foreclosure laws and customs.

    3. An attorney, title agent or the equivalent who understands the industry, the customs, the foreclosure practice, and how the title insurance industry works. Make sure they are willing to take the time to help "teach" the reo industry to the agents...

    4. A lender who has experience with the strict timetables and title customs in the reo industry.

    I have seen thousands of successful REO transactions, I have also seen some real disasters... lately I have been very lucky to deal with some great agents, clients, and asset managers here in the Carolinas...

  • Member since 2008 · 1 post · 0 votes
    18y
    Originally posted by "Runum":
    Thanks for the comments guys. FloridaREOagent, thanks for not taking offense. You REO agents are probably a great bunch of guys, just not the type of agent I expected.

    REOs are a great way to make money and a great way to lose money. You, the investor, need to be able to do as much leg work as you can. Ask a lot of questions of everyone. Try to uncover any unknown information.

    Example, I have had to go to the county clerk's office to look at a deed on a REO so I could find out about the hidden 2nd lien. I would have spent countless hours chasing that turkey if I would not have checked that deed.

    Not all REO's are a good deal but someone still buys them. I have my criteria, that I learned from experience, and I hold fast to it no matter how good the deal looks on the surface.

    Don't expect a lot of hand holding or anyone to stroke your ego. It's truly all on your shoulders.

    Greg

    I am interested in buying a REO as my primary residence. I have a couple of questions....
    1. How much percent discount can I expect from the appraisal price?
    2. What books should I read before purchasing a REO?
    3. What are the questions I should ask the agent before I recruit her as my buyers agent?

  • Investor · Myrtle Beach, SC · Member since 2008 · 26 posts · 2 votes
    18y

    Making offers right now on REO properties. I will keep everyone posted on how things go.

  • Member since 2008 · 4 posts · 0 votes
    18y

    Seems like this crowd knows it's way around REOs. Please direct me to a few good sources to learn more about how to get started. Thanks.

  • Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
    18y

    Blasius,

    http://forums.biggerpockets.com/

    Spend some time researching then come back and ask specific questions

  • Hard Money Lender · Mahwah, NJ · Member since 2008 · 51 posts · 0 votes
    18y

    The tapes I'm currently in possession of, are the following:

    $17M - California
    $30M - NJ
    $500M - West Coast Mixed Res and Comm
    $4B - Nationwide Res and Comm

  • Real Estate Consultant · Little Town, OK · Member since 2008 · 688 posts · 21 votes
    18y

    Those tapes aren't escrowed?

  • Hard Money Lender · Mahwah, NJ · Member since 2008 · 51 posts · 0 votes
    18y

    They are not in Escrow but since we have already taken down 2 of them.. The seller is giving them to us in good faith

  • Real Estate Consultant · elk grove, CA · Member since 2008 · 6 posts · 0 votes
    18y
    Originally posted by "mwgreco":
    The tapes I currently have possession of are the following:

    $17M - California
    $30M - NJ
    $500M - West Coast Mixed Res and Comm
    $4B - Nationwide Res and Comm

    What is your contact information?

  • Real Estate Consultant · elk grove, CA · Member since 2008 · 6 posts · 0 votes
    18y
    Originally posted by "aanderson":
    I have seen/been involved with a few smaller REO deals, but I have never actually known anyone to close a bulk REO deal over $200M. Does anyone actually have any stories with a deal that large?

    What proof do you have on closing these deals?

  • Hard Money Lender · Mahwah, NJ · Member since 2008 · 51 posts · 0 votes
    18y

    I'm sorry, What is your question?

  • Real Estate Consultant · Little Town, OK · Member since 2008 · 688 posts · 21 votes
    18y

    They looked pretty straight forward to me,

    What PROOF do you have that you've closed a 70M, 250M, 520M and two of the four you've mentioned here that you are holding tapes for? And if you don't mind...which two were closed of the four?

    The other question regarding your contact information was not that confusing

    Thanks for your help,

    Chris

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    18y

    Thread is now closed.

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    18y

    Thread has been closed because it has gone too far off topic.

    Feel free to start a similar thread, but try to keep on topic.

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