There is a lot of chatter about buying REO’s and foreclosures, making a fortune in real estate, and getting rich quick. A lot of big promises and under-developed plans. Our program isn’t one of these.
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Private Sellers
You received a tape of REO properties. You’ve done an initial review and like what you see. The location is fine and the price is in line with your expectations. Now comes the time to make an offer to purchase. Depending on the types of deeds being conveyed will determine the purchasing process. Here’s a guideline of what you can expect.
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A reseller’s goal is to obtain access to a package through a direct relationship with a seller for the purpose of buying it at one price and then reselling it to an exit buyer for a higher price. Their profit is the spread, the difference between the two prices. Some resellers are worth their weight in gold while others are not. How do separate the good from the bad and how do you read between the lines so you are not lead down a path of frustration and disappointment?
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A buyer has reviewed the package and would like to submit an offer to the seller. The seller explains to the buyer that they have it under contract with the bank and will sign a purchase agreement with the buyer once they provide proof of funds. However, the buyer will only proof funds once the bank contract can be verified. The reseller will not provide any proof of contract until the buyer shows proof of funds. Buyer thinks reseller can’t proof the contract and the reseller thinks the buyer can’t proof funds. Neither party is willing to take the first step. Here lies the chicken and the egg.
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Unless you have a billion dollars, a twenty year relationship with the bank and a plan to rule the world
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