Archive for the ‘REO / Bank Owed’ Category

May 20th, 2011

Bill Twyford – Bulk Bank Owned REO Properties

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Bill Twyford – Bulk Bank Owned Reo Properties

Bill Twyford is a professional real estate investor, master negotiator and trainer. He has been in the real estate business for years, and he knows more than a thing or two about bank owned REO properties. But first, what exactly is meant by REO? REO actually means real estate owned property, and this type of property is usually taken back by the mortgagor when it continues to remain unsold after a foreclosure auction. Here are more of Bill Twyford ‘s helpful insights on how to profit from bulk bank owned REO properties.

Why Many Foreclosed Homes Remain Unsold After An Auction? Bill Twyford

According to real estate experts, Bill Twyford himself included, homes that are acquired by the bank from foreclosure are called REO, or real estate owned. These properties are tossed back to the mortgage company in the bloody aftermath of of an unsuccessful auction. But why does this happen often? The truth is this happens most of the time.  One of the main reasons for this is that the minimum bid on the foreclosed property would have to cover the costs that are currently owed to the bank or lender. The other add-ons include loan balance, attorney fee,s accrued interest, as well as any cost that;s associated with the messy foreclosure process. During an unsuccessful auction, if the minimum bid is not met, then the foreclosed property goes back to the bank as REO.

Bill Twyford – Strategies For Purchasing REO

Bill Twyford, who has over 840 real estate deals in his belt, will probably have no problems with purchasing and selling REO properties. For beginners and upstart realtors, there is actually a strategy for purchasing an REO. Because most banks and lenders will not immediately dump any of their excess real estate inventory for a cheap price, there will be some bargaining involved with securing REO properties at the desirable price.  In offering for REO properties, make an offer, for which the bank will also present a counter-offer, which may be at a higher price than expected. Be prepared to counter and make a counter-offer, as this is all part of the game for acquiring REO properties.

Contact A Listing / REO Agent Before Making An Offer

In dealing with REO properties, don’t always expect that a deal will quickly be pulled off. Like in other real estate transactions, you offer and succeeding counter-offer will have to be reviewed and approved by the bank’s officers and directors. Before making any offer though,  contact your listing/ REO agent and ask if there any inspection reports that you need to read or look over, as well as ask if there is an “As Is” form. Also find out how long will the bank take t accept an offer, as well as how many lines of approval need to be passed before your offer gets approved.

According to veteran Investors like Bill Twyford, bank owned foreclosures and  real estate auctions offer juicy deals on distressed or already foreclosed properties. However, as banks are in business to lend money, and not to collect or store foreclosed properties, banks will generally want to dispose of  foreclosed or REO properties, and sell them off at large discounts.  To better improve your prospects, take time during the weekend to  spice up your offer by providing the listing agent with pre-qualification on your mortgage or approval letter, as well as determine the right amount to have your offer accepted.

To get FREE Training on REO Real Estate Investing with Bill Twyford Click Here.

-Aislee