Buying REO Properties Minneapolis MN

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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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  Author: Tom Lazzaro
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