Buying REO Properties Pittsburgh PA

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

Bennu Property Management and Consulting
412-371-6510
P.O. Box 1357
Pittsburgh, PA
Darlene Restich @ Coldwell Banker Real Estate Inc.
412 264-8300
6305 University Boulevard
Moon Township, PA
Re/Max Renaissance Realty West
412-269-1861 Ext. 232
962 Beaver Grade Road
Moon Township, PA
Prudential Preferred Realty
412-496-8811
3911 William Penn Highway
Monroeville, PA
Century 21 Town and Country Real Estate Services
724-779-2101
7021 Crider Road
Mars, PA
Keller Williams Real Estate Pittsburgh
724-413-6983
Keller Williams Real Estate
Eighty Four, PA
Property Management Unlimited
(717) 848-1579
420 S Sherman St
York, PA
Space Mart Development Co Lp
(717) 761-3959
700 Ayers Ave
Lemoyne, PA
Barnett Property Management
(717) 240-1368
25 Shady Ln
Carlisle, PA
Ads Rentals
(717) 530-5299
15 E Burd St
Shippensburg, PA

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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
    Copyright © NuWire Investor and NuWire, Inc 2007. All rights reserved. NuWire Investor material may not be copied, reproduced, redistributed, published or modified without the prior express written consent of NuWire, Inc.

Featured Local Company

Bennu Property Management and Consulting

We can customize a package to meet your specific needs.

412-371-6510
P.O. Box 1357
Pittsburgh, PA
www.bennumanagement.com

We specialize in single-family and small multi-unit residential property management. With busy family lives and heavy work schedules, there simply is not enough time left to receive phone calls, track unpaid rent, coordinate repairs, research advertising, show properties… And the list goes on!
We also understand that every owner has different levels of comfort when it comes to your investment.


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