All Forum Posts by: Phil Z.

REOs are similar to most sales except they have lengthy addendums that elimate any seller liability and require you to close on time. There are some crossing Ts and DOTTING i's that will make your offer stand out, but just know your ARV and repair vosts, then submit your best offer with all the addendums and a preapproval or proof of funds .. and you should be fine.

Doing a rehab help immensely to understand repair costs and the RE process. After that I sat through free guru courses and just picked up on what the game included. (Dont do it if you think your easily swayed to swip your credit card for a seminar or course).

Also get your RE license and start looking at houses and maybe getting involved in  investment property, short sales or reos.

What you cant see you need to assume is really bad.  Ive seen occupied auctions go really cheap. A fund I sold for baught one around $120k, evicted the occupants, and resold the home for $220k. (estimating figures off bad memory). The house was in very good condition, we just put new appliances. You could also lose money tho. A fund has enough money and deals to only care that at the end of the year they make an overall profit.

I'm an REO broker. Don't try to wholesale REOs. If your looking to flip, make your offer within 90% of list price. If you think its overpriced, submit your offer anyway and get 'on the books' as a serious buyer, but dont expect an approval until they are ready to budge on price. The asset managers want stats 90-100% of list.

 Thats not accurate.  Anyone can negotiate a short sale.  The real question is how you will expect to get paid..

If the purchase price is $350k, then you need to show $350k proof of funds.  A bank letter, bank statement, liquid 401k, and many other forms are all acceptable.

If you insist in doing the short sale, all you need to get started is a signed authorization form to talk to the lender. Google their website and find their SS dept phone number. Then get the fax number to send the authorization. Once authorized they will tell you exactly what they need. Theres a bunch of little tips and tricks to keep things going smoothly or you can find it fustrating.  A short sale is supposed to be easy enough a home owner can do it ..

Also its unlikely. but possible, if its not listed on the mls and/or your also the buyer.

Leads usually always cost a lot of money or a lot of time. The concept itself is simple.

Could depend on what they agreed on with the seller, but it's probably a contract that assumes a title state where the title company handles both sides of the closing.  Banks often have similar verbiage in their contracts and buyers always pick it up. At the end of the day they ment the 'customary' closing costs of the buyer, not paying the seller side. If it really reads poorly, then you may want to ask to make a verbiage change or addition that makes it more clear.

An addendum does not automatically supercede the contract.. it needs to be written something like "this addendum supercedes the contract". A realtor contract should be 4-5 pages and have an inspection clause and assignment verbiage. If it says can not be assigned without seller approval, then you cross out verbiage to make it read otherwise an initial.  Any additional terms you put in th Additional terms.