OfflineIf one does get an REO under contract with the intent to sell quickly, say in a double close, then..
Do you agree that
1. One has to be able to sell it to your end buyer below the original listing price and
2. Lower than other comps in the neighborhood
?
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To your success
Dustin
Of course! Why would your buyer pay you more that it was listed for? If you are offering on move in ready properties that you would be using comps to determine what the property will sell for as is you are wasting your time. You use comps to determine what the property will sell for after fix up. You must offer on properties that will work for an investor, meaning they need work, don't offer on homes that you will be competing with the home owner/buyer, they will always pay more than the investor/buyer. You have to go after distressed properties. Then your offer is well below what houses are selling for!
Here is a good ball park REO offer strategy. READ THIS!!
Determine quick SELL ARV. Offer 65% of this value minus rehab/repair costs.
Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
You will have to offer the property under market value. With the time constraints that are normally attached to a double close, you will not have time to market the property, you need an end buyer ready to go. That will normally require the property being resold under the market value of the nieghborhood.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hit the nail on the head with this one! It's always good information especially when coming from Mr. Michael Mangham himself and a success academy coach!
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
See Where The Journey Never Ends At: http://www.deangraziosi.com/real-estate-forums/investing-journals/69250/...
Chase Brooks
www.brooks-investments.com
Chase I sent you some info and foreclosures in your email, let that girl go and read them.
http://kendrickpropertymanagement.com/
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