By Kenneth Session
5 Ways to Make Banks Say yes to your REO Offer in Oakland today! REOs provide a perfect way of getting into real estate investment at a low cost. REO properties are properties that a bank fails to sell during the foreclosure auction. The bank takes ownership of them, and an REO agent within the bank is given a mandate over them and is responsible for finding a local agent who will sell the property on the bank’s behalf.
T
hese kinds of properties are nonprofiting to the bank, and they are essentially “money-sucks.” And because of this reason, banks are usually very motivated to make a fast sale to dispose of them. They are usually priced very low as the bank tries to recoup money lent to the defaulter of the mortgage. Since the properties are “cheap,” be prepared to face a lot of competition. If you are interested in making the bank an offer, you should stand out. Here’s how: WWW.THEPOWERISNOW.COM
1. OFFER A QUICK CLOSING. Remember that the bank wants to rid itself of the property and is a very motivated seller. As so, make the smart move of making an offer based on the closing date. Typically, the closing dates ran up to thirty days but could be shorter. To stand out, offer to close within five days or a week. It is unlikely that the process will take that short amount of time, but it will let the bank know that you are serious about buying the property. 2. WAIVE ALL CONTINGENCY. This is a risky one but entices the bank to your offer. l
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