Buying REO Properties Charlotte NC

Buying REO property can be a tricky process, and many investors just starting out don't know where to begin. Found out some of the most fundamental and essential advice for investors interested in buying REO properties.

Local Companies

Matrix Real Estate Services, LLC
(704) 334-3994
1300 Baxter Street
Charlotte, NC
The McAlpine Company
(704) 362-2400
1329 East Morehead Street Suite 200
Charlotte, NC
Southern Real Estate Company of Charlotte, Inc
(704) 375-1000
PO Box 35309
Charlotte, NC
Charter Properties, Inc
(704) 377-4172
PO Box 37166
Charlotte, NC
Helen Adams Realty - Debe Maxwell
(704) 491-3310
2301 Randolph Road
Charlotte, NC
Helen Adams Realty
704-375-8598
2301 Randolph Rd
Charlotte, NC
Camden Property Trust Apartment Homes
(704) 334-3000
309 East Morehead Street
Charlotte, NC
Crosland - Apartments Division
(704) 529-6098
227 West Trade Street
Charlotte, NC
Crosland - Apartments Division
(704) 529-6098
227 West Trade Street
Charlotte, NC
Machen - Wingate Advisory Group
(704) 348-2431
402 West Trade Street
Charlotte, NC

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Buying REO property can be a tricky process, and many investors just starting out don't know where to begin. People can flounder for months—even years—trying to land that "home-run" deal, and falling short every time. Most successful REO investors that I know either have the benefit of years of experience, or they have been mentored and educated personally by an experienced REO realtor or investor.

I have had the opportunity to educate others through writing and consulting, and I have seen how even savvy and experienced investors and real estate agents can make the same mistakes over and over again. Here I will share some of the most fundamental and essential advice to investors interested in buying REO properties.

Essential tips for buying REO properties:

  • Learn from others: Seek out an experienced REO realtor in your area. Ask that person questions. Gain this person's confidence, and you will reap the rewards. If you live within 100 miles of a major city, there should be REO agents who handle your area.
  • Know that banks are not idiots: That price tag you see on the home is there for a reason. If your offer is way out of the ball-park, it may be time to move on to another REO. That said, be aware of the price-drop "cycle" of a property. Again, befriending that  REO realtor will put you at the front of the line.
  • Be patient and flexible: The bank's response time can vary quite a bit in regard to contractual benchmarks or amendments to the offer. You are dealing with extremely overworked, and perhaps underpaid people. Show some professionalism and compassion, and you should get the same in return.

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    NuWire Investor is an online publication that offers quality information about alternative investments such as real estate, commodities and franchises.

    Author: Tom Lazzaro
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Featured Local Company

Matrix Real Estate Services, LLC

(704) 334-3994
1300 Baxter Street
Charlotte, NC