How Get REO Under Contract?

[rayjkim]

Hi All,

How do you get at REO under contract? What is needed besides the earnest money and deposit?

what will I forfeit if I'm not able to close? [of course, the agent and broker will loose credibility so this is important!]

I understand that there is a 5 days window to inspect it.

I'm driving around San Bern County, checking REO homes [taking pictures of the inside kitchen, etc.] and finding very good deals. My intent in to get it under contract and show it to investors.

Thanks in advance,
Kim

[Tony Alvarez]

Hi Kim, sorry it took so long to respond to you, but I held off on purpose as I did not want to EXPLODE on you and make you feel bad.
Your questions are very basic and since you attended the class and have all the materials you are very well equipt to answer these questions. Do the work required.
As far as inspection periods they range depending on what you need and is perceived as reasonable by sellers. Most are OK with the standard 17 day or they will tell you without hesitation what is acceptable at once.

If what you are trying to accomplish is to wholesale REO's you may find that a bit of challenge in this present market. It will probable get easier to do as things enfold and relax in the coming year, but I would caution you to make sure you understand the present market and your exit strategies carefully so you won't cause yourself and others problems.
Good Luck,
Your friend always ,
Tony A.

[kimray]

Thanks, Tony.

If there's a way to receive email notifications when people reply for post, pls let me know.

[candicep]

Kim,

You can bookmark a post and when you log in, you can go directly to that post by going to your profile and viewing your book marks.