4 Ways To Make Banks Say "Yes" To Your REO Offer | FortuneBuilders

Abstract

It's not uncommon for both new and experienced investors to ask the same question: What is REO investing? You've probably heard the term REO property but never quite understood the process of acquiring such a deal, let alone how much to offer on bank-owned property. How Banks Choose REO Property Offers Many investors are looking to take advantage of the opportunities that low-priced REO properties offer. Each prospective buyer looking to purchase the REO property will submit their offer to the bank, and the bank will choose the highest and best offer. How Much Should You Offer On A Bank-Owned Property? The first step to determining your REO property offer is learning about the property's financial history. Keep in mind that the bank will not make any repairs to the property, so you will need to account for the cost of any repairs and renovations the property may need before you can sell it. While an REO property can be extremely beneficial to an investor, these properties can be a huge drain on a bank. Have you ever purchased an REO or bank-owned property? Share your tips for landing these deals in the comments: New to foreclosure investing? Click the banner below to take a 68-minute online training class - and learn how to acquire foreclosed properties at 20-50% below market value!