Let's look at the situation where you are looking at a REO listed at 25k and they have just come down from 29k. The bank most likely did not really look at it because it isn't worth that much. The house is in bad condition and would have to be gutted to rehab; the only good part of the house is the structure. You don't want to rehab it yourself but you would like to make a low ball offer on it to flip it.
Otherwise you are not interested, but you don't want to let this property go just yet because it has been listed by a realtor who doesn't even have a sign in the yard. No one knows this house is even available. Also, sales comparables are anywhere from 45 to 106k, of course that is after rehab.
Why there is no sign in the yard on the REO listed for sale? For one of two reasons. First, the realtor could be just lazy.
Second reason is if a realtor knows what he is doing, it means he has investors or friends he is holding the house for. They may hope no one notices the property and they will get a sure deal selling it to somebody who buys from them all the time and closes all the time. Sometimes they need it to get to a certain price range in order for their buyer to pick it up.
Anyway, this kind of thing happens all the time; and quite frankly that is just business and building relationships. You want to be that person eventually. This kind of relationships helps to get successful in real estate business. They are not hard to build over time but they do take a little skill. - 15224
Otherwise you are not interested, but you don't want to let this property go just yet because it has been listed by a realtor who doesn't even have a sign in the yard. No one knows this house is even available. Also, sales comparables are anywhere from 45 to 106k, of course that is after rehab.
Why there is no sign in the yard on the REO listed for sale? For one of two reasons. First, the realtor could be just lazy.
Second reason is if a realtor knows what he is doing, it means he has investors or friends he is holding the house for. They may hope no one notices the property and they will get a sure deal selling it to somebody who buys from them all the time and closes all the time. Sometimes they need it to get to a certain price range in order for their buyer to pick it up.
Anyway, this kind of thing happens all the time; and quite frankly that is just business and building relationships. You want to be that person eventually. This kind of relationships helps to get successful in real estate business. They are not hard to build over time but they do take a little skill. - 15224
About the Author:
About the author: Jesse Davis is an experienced wholesaler in the Jackson, Mississippi, Real Estate market. He has wholesaled over 80 properties this year alone, and he teaches a seminar on how to really be successful in today's market. Click here to learn how to find all the buyers you will ever need to build a massive monthly income in Real Estate today
