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You must have read many investor forum posts that describe buying REO property as one of the most stressful experiences of their lives.
 
Many investors are frustrated that despite spending too much time working with their brokers, their offers are not being accepted.
 
In some of these cases, these buyers do not receive proper guidance from their agents. But there are also quite a few cases where customers simply have unrealistic expectations.
 
Here are some clarifications about what you can expect from your REO agent and from the bank.
 
one) Banks are informed sellers.
 
Banks works with local real estate agents who give them “broker’s pricing opinions” on how much the property can sell for on the market. Unreasonably low offers will not be considered. Therefore, your REO agent should be able to provide you with critical information to “properly make your offer more competitive.”
 
a) Property inspection reports from the listing agent if any;
 
b) Sales price of comparative houses in the neighborhood,
 
c) Projected offer of foreclosed homes in the market
 
2) The ‘industry experience and network’ of your REO agent is very important (as it is with managing all complicated deals).
 
REO properties involve a lot of hard work on everyone’s part (buyer’s agent, bank’s listing agent, bank’s REO department, and YOU). It takes a lot of paperwork and approvals from different people, companies, and even investors to sell an REO property.
 
Therefore, your REO agent should be able to help you quickly provide the bank with a comprehensive and competitive offer/counter-offer in accordance with the format, requirements, and preferred method of receiving offers (email, fax, etc.).
 
And most importantly, your chances of buying a good REO property are increased if you hire an REO agent who has a good relationship with bank asset managers and their listing agents, and has years of experience helping buyers buy REO properties.
 
So get ahead of the REO game by working with an experienced REO agent who can help you win an offer on a great REO property.

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