Finding REO Deals

Finding REO deals, or what most people know as Bank Owned property, is easier than you can imagine.  In a minute, I’m going to share with you a little secret that will help you go out with confidence and source good properties.  But first, I want to talk about why REO deals are so great to work.  The first thing I like about REO Bank Owned properties is that you can get a response quick.  Unlike short sales that take forever, REO deals take usually a day to get a response back from the listing broker.  You can literally write up a deal today, get an acceptance in the morning, and then depending on  your title company, close in under 2 weeks.  The reason I like this, is that markets can change fast.  Being able to get in a deal quickly allow you to be in that particular market and not have to worry as much about what it is doing.  Also, you get a clean title.  Once banks own a property, you are getting title insurance and they have to make sure when they foreclosed that they did it right.  So here’s how to lock a REO deal on MLS.  First you need to find what Fix-n-Flip properties are selling for in a particular subdivision.  Once you determine that, work backwards from that price.