All Forum Posts by: Phil Z.

No Contingencies should put you ahead of a barely higher offer. However, if they were smart they could just counter you at the highest offer price so they get the best of both worlds. Using the listing office for your agent (on paper) could help also.

As Wayne said, 'pre-approved' price is not always necessarily a done deal. In most cases it's the servicer's recommended list price based on the valuation, however it can still be rejected by he investor who doesn't have to accept the price or the short sale.

In most cases 88% is probably the lowest unless you dispute the valuation (listing agent has to do). They could want anything from 88-100% of the BPO.

If your offer is complete with all required initials, any lender required 'verbiage' and/or SS addendums and updated proof of funds .. it will prevent delay's but might not make it go 'faster' per-say.

It's funny that he pretended to be a 'wholesaler for the bank'.

When a bank sells a Bulk Package (if they even do), you have to buy the entire package which is made up of a few good deals and mostly garbage (similar to how they packaged notes to the secondary market during the housing boom). These packages cost millions and are probably (if they exist) only obtainable by hedge funds or the like.

They probably didnt do their due dilligance.

Find out who the agent will be and request they contact you immediately/prior to hitting the market so you can submit an all cash offer with them as the buying agent.

If you can't find any referrals, I had a lot of success with Home Advisor

I seen zillow has a new 'zestimate' feature that predicts what an REO is 'Probably going to sell for' before it even gets listed! Quite magical ..

If you can't find comps, then there aren't many buyers. Which means it has a very very high risk. Personally I wouldn't get involved.

- Set a budget.

- See how much your marketing is going to cost per lead (lead cost, postage, print). Then multiply that by 5 (5 hits each).

- Divide your budget by the per leads x5 cost = Total number of leads you can offord.

- Make a list of several towns/neighborhoods you want to market to and order based on preference

- Contact your list provider and see how many leads are in your target market. If their are not enough in the first area, add more from your list.

- Turn over rate of the town (i.e. # of sales in the ARV price point)

- Days on Market