PRIVATE MONEY LENDERS - REAL ESTATE SOLUTIONS

 

PRIVATE MONEY LENDERS - REAL ESTATE SOLUTIONS

The coronavirus pandemic has thrown a monkey-wrench into all facets of life, including paying rent or the mortgage for some which includes real estate investors.

The real estate investment outlook prior to the coronavirus pandemic was looking pretty good with low interest rates, and new home construction still doing well. Fix-and-Flips were on the rise and rentals, though increasing, still were becoming occupied.

However, since the coronavirus pandemic, real estate businesses have either accelerated the growth of their real estate businesses or have watched their real estate businesses decline.

The coronavirus pandemic has impacted all businesses, with smaller companies being hit harder, especially companies with fewer than a couple dozen employees. Why?

Because a small business with fewer than a few dozen employees typically lacks cash flow and capital. Those companies were the first to reduce hours for employees or lay off employees. Those businesses were also the first to stop hiring subcontractors.

With the U.S. officially in a recession, millions of people are suffering.

And acting with compassion over the next 6-12 months is key, whether it is towards homeowners or landlords in trouble or renters having issues making payments.

However, for individuals who are properly positioned as real estate investors, the next few years will spell out O.P.P.O.R.T.U.N.I.T.Y

Even if the extra unemployment benefits and eviction moratoriums currently sun-setting get extended, they will expire eventually.

Between landlords having trouble collecting rents and homeowners in forbearance accumulating a pile of debt, there will be more distressed sales coming online.

Rentals will become cheaper…

And fix and flips will have less “newbies” competing for them.But…because of our housing shortage and continuing low interest rates, people will still buy your fix and flips (if you’re still in business).

The question is, are you going to be positioned to take advantage of these opportunities? Unfortunately, when the housing market softens or does anything resembling a crash, traditional financing dries up.

Hard money lenders go out of business left and right because they have lent to the wrong investors and banks get scared. So they pull out of lending on anything that’s not deemed “very safe”… They cancel credit lines, stop lending on construction or rehabs…And generally just crawl into a corner in a fetal position…(try to picture a “bank” in a fetal position…pretty funny).

That’s the hilarious thing about “Times of Opportunity”:

Most people get scared exactly when they should be entering the market in full force! So how do you ensure that you can still close on deals when all the dummies run for the hills?

Answer: Private Money Lenders

If you have solid private lending relationships, you will be able to pull the trigger on any deal you want. No matter what the market is doing or how many hard money lenders are filing bankruptcy.

1. Private money is personal.
2. Private money is flexible.
3. Private money is crash resistant.

If you BRRRR deals (Buy, Rehab, Rent, Refinance, Repeat), private money is crucial for short-term funding.

If you do fix/flips, private money is a FAR cheaper alternative to hard money and less risky. And if YOU are a good, honorable steward of that money, it will keep flowing to you.


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ARIZONA REAL ESTATE INVESTOR Cash Buyers lists

ARIZONA REAL ESTATE INVESTOR Cash Buyers lists

Are you looking for a list of Arizona real estate cash buyers?

Well look no further. Get a verified Arizona real estate cash buyers list.

RECBL’s Arizona’s real estate cash buyers list is perfect for ARIZONA REAL ESTATE INVESTORS, AGENTS, BROKERS AND WHOLESALERS. GET YOUR ARIZONA REAL ESTATE CASH BUYER’S LIST NOW!

https://www.cashbuyerslists.com/arizona-real-estate-cash-buyers.html

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ALASKA REAL ESTATE INVESTOR Cash Buyers lists

ALASKA REAL ESTATE INVESTOR Cash Buyers lists

Are you looking for a list of Alaska real estate cash buyers?

Well look no further. Get a verified Alaska real estate cash buyers list.

RECBL’s Alaska’s real estate cash buyers list is perfect for ALASKA REAL ESTATE INVESTORS, AGENTS, BROKERS AND WHOLESALERS. GET YOUR ALASKA REAL ESTATE CASH BUYER’S LIST NOW!

https://www.cashbuyerslists.com/alaska-real-estate-cash-buyers.html

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ALABAMA REAL ESTATE INVESTOR Cash Buyers lists

ALABAMA REAL ESTATE INVESTOR Cash Buyers lists

Are you looking for a list of Alabama real estate cash buyers? Well look no further.

Get a verified Alabama real estate cash buyers list.

RECBL’s Alabama’s real estate cash buyers list is perfect for ALABAMA REAL ESTATE INVESTORS, AGENTS, BROKERS AND WHOLESALERS. GET YOUR ALABAMA REAL ESTATE CASH BUYER’S LIST NOW!




https://www.cashbuyerslists.com/alabama-real-estate-cash-buyers.html




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WHY IS IT SO HARD TO FIND CASH BUYERS FOR REAL ESTATE?

WHY IS IT SO HARD TO FIND CASH BUYERS FOR REAL ESTATE?

When first getting into real estate, finding cash buyers for real estate deals can be a challenge or more like a never ending job which tends to have you thinking twice about whether or not real estate is the direction for you; BEEN THERE, DONE THAT.

Locating cash buyers is one of the most important things you can do for your real estate business. The reason is, real estate cash buyers are your customers. These are the people who are going to pay for real estate properties from you. How cool would that be?

Finding cash buyers for your real estate to help you make your first five figure paycheck will motivate you and have you on cloud nine. You’re going to look at that check, you’re going to hold onto it, you may even smell it…but most importantly you are going to feel confident in your choice to move forward in real estate.

First, finding cash buyers in the past was a little more difficult than it is now, however you are in the right spot at the right time to find the cash buyers you need for your real estate. You’ll find a form below to help get you started, and best of all we’ll be upfront as to how much it costs so you know there are no hidden fees…AT ALL! Cash Buyers Lists starting at just $10.  JUST $10!

YES…NO JOKE, $10 but we will come back to that.

FIND CASH BUYERS NOW

There have been multiple ways to locate cash buyers for real estate; Google, Bandit signs, software, classified ads, Investor friendly agents, Auctions and REI groups are just a few. Well, this will help eliminate all of that.

The best way to find cash buyers is to acquire a list of real estate cash buyers in your state, city, county or even zip code. If you want to locate cash buyers for real estate outside your area it’s just as simple. When you acquire your list, you will see everyone on your list has purchased properties either as an individual or as a legal real estate business entity, so you know these are the type of people you want to start a relationship with.

Now after you find these real estate cash buyers you want to send them a letter or a postcard or in some cases contact them via phone and/or email…however, contacting them via phone can, in some cases, can work against you because there are so many different companies, collectors and solicitors trying to reach these people and sometimes a phone call can be the worse way to make contact.

If you send a letter or postcard you can write something like this;

“Hello, my name is (your name goes here), I am a (your role here: real estate investor, wholesaler, real estate professional) in (give your area) and I have access to properties 20% to 40% below market value. If you are interested in doing business and getting a hold of some of these properties, then give me a call at (your phone number here).”

It really is that simple. Your phone should end up ringing off the hook with people reaching out to you instead of you reaching out to them and that is exactly what you are looking for. So here is how you get started and be prepared to purchase your list today for only $10.

Click HERE and complete the form. Let us know from which U.S. City and U.S. State you would like your list of cash buyers pulled.​

We look forward to helping you in your real estate ventures and hope this gets you started in the proper direction.

Now click HERE and fill out the form to get your list!



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REAL ESTATE CASH BUYER LEADS

REAL ESTATE CASH BUYER LEADS

Having trouble finding real estate cash buyers to flip your property? Stop searching or wasting your time and start contacting buyers.

No software needed or webinars to watch.

RECBL provides verified real estate cash buyer leads with email addresses, phone numbers, social media links and more.

Check us out right NOW!

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Effective Real Estate Ads

Effective Real Estate Ads

RECBL - Real Estate News

If you are in the real estate game, a necessary skill in today’s digital marketing era is to learn how to write compelling real estate ads. As a real estate agent, getting the best leads is typically your number one priority. That starts with getting lots of targeted traffic to your lead generator with a balance of strong SEO tactics and strategic real estate advertising ideas.

An effective ad has the power to sell your properties quickly. When creating real estate ads, you should take time to brainstorm features that will make your ad special. That means the phrases you choose, the buyer you’re speaking to, and the best qualities of the listing or your business that convey a clear benefit to the consumer.

Here are five tips to help you write compelling ads for your real estate business.

Attention-Grabbing Headlines
With thousands of property listings currently available on the internet, you need your ad to pop and immediately grab the reader’s attention. You can accomplish this with an eye-catching headline. Because your headline is the main draw of your real estate ad, your headline should depict the strongest pull for a user’s search terms. With the limited attention span of most people who read content online, a headline may be your only chance. The best headlines will give readers a reason to click on your listings. An effective headline includes something that benefits the reader and has a curiosity element. For that reason, it’s also ideal to put at least some of the keyword terms you’re targeting in your headline.

Your headline should be no more than 25 characters. It’s best to use keyword-rich, attention getting action verbs with bold language.

Concise Property Features
Few agents think from the customer’s perspective when creating ads. Because there are so many ads on each page, you must appeal to consumers’ needs within seconds using tactics which are proven to get clicks. Your ad should engage both a consumer’s logic and emotions to get them to take action. An effective real estate ad gets to the point and immediately lists the property’s primary features. Don’t just highlight the number of bedrooms/bathrooms and the property’s overall square footage. Inform your readers about any recent renovations/upgrades or if the home has any unique characteristics. Discuss the property’s location and any nearby schools. Make the ad easy to read by pointing out this information using bullet points. Here are some examples depending on what you’re advertising.

• Single Property: Beautiful renovated beachfront home; Secure a virtual or in-person tour!
• Area Properties: Premium Coastal Listings for Sale; Search 100s of area listings first.
• Brand/Business: Top-ranked agent 3 years running; Call for free valuation report!
• Overall, develop a variety of terminology so you don’t repeat yourself in your ad’s small space.

Promotions
If you want to keep a prospective buyers attention while they are reading your ads, you should point out any special promotions you are offering. Promotions may include a discounted list price, seller financing, an offer to pay the buyers closing costs or any rent-to-own or lease-purchase agreements.

Sell a Lifestyle, Not a House
Many folks in the real estate industry think they are selling houses to potential buyers. In reality, the most successful real estate pros know they are selling more than a house; they are selling a lifestyle. Most prospective buyers will picture themselves living in a house. An effective ad actually draws your readers in to their new home. Many leads are searching for homes in a particular area for a variety of reasons beyond the physical property. Whether it’s proximity to culture, great schools, or a relaxing environment, describe some great things about actually living in the area.

Inspire Your Readers
Words are a powerful tool when selling real estate. If you can write well, there is serious value in putting compelling words in your ad copy. Describe to your readers that your properties have panoramic views or 1,900 square feet that will give them plenty of space without losing the coziness of a smaller home. Inspire your readers to enjoy the property’s breathtaking sunrises. Choosing the right words in your ad will give your content tremendous power.

The words and phrases you use should be alluring, aspirational, relatable, and not alienating or used in every other ad. Also, you should use action verbs and bold language to get users’ attention.

Note some guidelines for popular real estate advertising words:

• Positive: beautiful, move-in ready, spacious, turn-key, remodeled, master bathroom, etc. are top performers. Try playing around with these examples.
• Overused: Stunning, designer, updated, gourmet kitchen, and more tend to be overdone.
• Negative: Cozy, charming, needs paint, must sell, motivated seller, potential, and others should be avoided.
• Offer Exclusivity: Tell users they’ve come upon the best deal, or that they’ve found the most savvy agent in the area.
• Build Urgency: Give viewers the feeling that if they don’t click on your ad, they’ll miss out on an important deal or a great agent.

As a reminder, do not forget to include a strong call to action. Kick it up a notch and play on the prospective buyer’s sense of urgency.

Here is an example: "If you are still reading this, you should stop and call us now. This might be your last chance to make an offer on this incredible property!"

Are you looking to increase your real estate lead generation?

For more information visit www.placester.com.​

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Get in Early on Emerging Neighborhoods

Get in Early on Emerging Neighborhoods

RECBL - Real Estate News

Buying in a hot housing market while prices are reasonable is a sure ticket to wealth. Analysts at GOBankingRates recently spotlighted 20 up-and-comers.

The top 10 are:

1. Jungle Terrace - St. Petersburg, Florida
Median List Price (as of July 2017): $239,900
Price Change Year-Over-Year: +44.5 percent

2. Beacon Hill - Seattle, Washington
Median List Price: $569,995
Price Change Y-O-Y: +31.2 percent

3. Point Breeze - Philadelphia, Pennsylvania
Median List Price: $295,000
Price Change Y-O-Y: +40.5 percent

4. Heather Gardens - Denver, Colorado
Median List Price: $278,750
Price Change Y-O-Y: +27.3 percent

5. Pinehurst - Seattle, Washington
Median List Price: $350,000
Price Change Y-O-Y: +24.8 percent

6. Hazelwood - Portland, Oregon
Median List Price: $324,450
Price Change Y-O-Y: +22.4 percent

7. Twin Lakes - Las Vegas, Nevada
Median List Price: $182,450
Price Change Y-O-Y: +41 percent

8. Fairgrounds - Indianapolis, Indiana
Median List Price: $179,900
Price Change Y-O-Y: +29 percent

9. Bayside West - Tampa, Florida
Median List Price: $229,900
Price Change Y-O-Y: +32 percent

10. Highland Hills - San Antonio, Texas
Median List Price: $135,000
Price Change Y-O-Y: +35.3 percent

Source: GOBankingRates

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Housing Ablaze With Activity, Even as California Cools

Housing Ablaze With Activity, Even as California Cools

Cash Buyers List News

​Housing continues to be ablaze with activity, with off-the-charts prices and supply consumed at rapid-fire pace, according to the latest data preview from realtor.com(R). 

Prices in May were 10 percent higher than those one year ago, with the national median at $275,000 and the national median age of inventory at 60 days-five days, or 8 percent, faster than one year ago. Inventory, though higher in May than in April, will still be down 11 percent.

​"Last month there were more prospective buyers, and homes are selling more quickly than during any other May since the recession," says Javier Vivas, manager of Economic Research at realtor.com.

"For the first time, one in three homes nationwide are selling in under 30 days. The lack of affordable homes for sale remains a critical issue, particularly for a growing number of first-time homebuyers and millennials, who are lining up for starter homes but can’t break in."

Red hot California again ruled realtor.coms Hotness Index for May, though some markets are showing signs of fizzling-clearing a path, according to Vivas, for simmering markets, such as Boston, Mass., and Midland, Texas, to heat up. The markets topping the Index have more views per listing on realtor.com compared to the national average-sometimes three times more-and supply moving as much as 36 days faster than the national average.

"This is officially the most competitive, fastest-moving spring housing market in decades," Vivas says. "Some places like the Bay Area have become too hot to handle-and now a lack of inventory and affordability are allowing other markets to catch up."

The top 10 in the Hotness Index:

1.  Vallejo-Fairfield, Calif.
 Median Age of Inventory: 28 days

2. San Francisco-Oakland-Hayward, Calf.
 Median Age of Inventory: 24 days

3. Boston-Cambridge-Newton, Mass.-N.H.
 Median Age of Inventory: 33 days

4. Sacramento-Roseville-Arden-Arcade, Calif.
 Median Age of Inventory: 33 days

5. Kennewick-Richland, Wash.
 Median Age of Inventory: 34 days

6. Colorado Springs, Colo.
 Median Age of Inventory: 32 days

7. Columbus, Ohio
 Median Age of Inventory: 36 days

8. Midland, Texas
 Median Age of Inventory: 34 days

9. San Jose-Sunnyvale-Santa Clara, Calif.
 Median Age of Inventory: 24 days

10. Stockton-Lodi, Calif.
 Median Age of Inventory: 36 days

For more information, please visit www.realtor.com.

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Verified Real Estate Leads - www.reEquityFinder.com

Are you tired of looking for real estate leads only to find real estate lead generating systems?
Are you tired of looking for real estate leads with established equity without having any luck?
Are you tired of driving around looking for vacant properties?

RE Equity Finders provides verified real estate equity leads for real estate investments to real estate brokers, real estate agents, real estate wholesalers and real estate investors for real estate sales.

RE Equity Finders provides leads for the following areas:

• Cash Buyer Leads
• Property Leads with Equity
• Vacant Properties
• MLS properties
• Pre-foreclosures and Foreclosures
• Free and Clear properties

REEquityFinder.com provides real estate leads with owner's contact information including email addresses and phone numbers.

This is NOT a system you have to implement, this "IS" our system.
This is NOT software you have to buy, this “IS” our software.
This is NOT additional work on your part, this “IS” our additional work.

Don't spend thousands of dollars on real estate lead generating systems.

Get verified real estate leads to help kick start your real estate business, NOW!

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International Homebuyers Have More Impact on High-End Market

International Homebuyers Have More Impact on High-End Market

Cash Buyers List News

​International homebuyers have more impact on the high-end housing market than on the general housing market, according to the latest Zillow Home Price Expectations Survey for the second quarter of 2017, which surveyed over 100 housing authorities.

Those surveyed reported that though international buyers have a major effect on home values in the luxury market, they have only a minor effect on supply and values overall.

"International buyers are popular scapegoats for rising real estate prices and shrinking inventory, but domestic factors have had a bigger influence on the housing market, much more so than demand from overseas," says Dr. Svenja Gudell, chief economist at Zillow. "Older millennials are reaching prime home-buying age, increasing demand for housing, but we are still well behind historical norms when it comes to building new homes. The fact that economists and experts are revising their expectations upward for future home value growth is a sign that these trends will continue to exert upward pressure on prices going forward."

The majority of those surveyed foresaw international buying activity to either remain at its current pace or slow in the year ahead. Many agreed, also, that recent steps taken by several cities to cap international home-buying will be ineffective at preserving affordability.

Those surveyed, in addition, amended their previous home price forecast, now believing prices will post 4.8 percent growth in 2017-up from 3.4 percent one year ago.

"On the heels of last year’s nearly 7 percent national home value appreciation rate, the prospect that prices will increase less than 5 percent overall this year might be dispiriting to some," says Terry Loebs, founder of Pulsenomics, conductor of the survey. "Yet, 4.8 percent is not only well above the historical average annual gain; it's the most optimistic projection for 2017 that we've seen from our expert panel over the past five years."

For more information, please visit www.zillow.com.

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Real Estate March Madness

Real Estate March Madness

Cash Buyers Lists MARCH MADNESS 2 FOR 1
#realestate #cashbuyerslists #leads #free #march #madness#marchmadness #2for1 #realestateleads


March Madness is here! For the month of March 2017 Cash Buyers Lists will provide 2 for 1 real estate cash buyer leads for any U.S. city in any U.S. State. When you purchase any real estate cash buyer's list packages (not including Investor Package) you will be able to receive a second package at no additional cost. After your purchase, when submitting your request for your cash buyers list please enter promotion code MARCHMADNESS...
Learn More> http://bit.ly/RECBL-MarchMadness2For1


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How do I invest in real estate with little to no money?

How do I invest in real estate with little to no money?

What if you were told you could get started in real estate with just $17?

Yes…you read that right, $17!

You’re probably thinking, “How can $17 get me in the real estate game?”

While it’s not $1,000,000, $100,000 or $10,000, hey, at least it’s something and never under estimate the value of a dollar.

Just because you don’t have much money to start investing in real estate doesn’t mean you shouldn’t start investing right away.

Actually, the most difficult part of investing in real estate is, “STARTING”.

For those of you who are discouraged because you only have a little bit of money to invest – don’t fret!

$17 can get you in the real estate game more than you realize.

 Here’s how:

1.       FIND REAL ESTATE CASH BUYERS

2.      Get Your Real Estate Cash Buyers' Parameters

3.      Contact an Agent or Broker

4.      Find the properties based on the parameters

5.      Run the numbers

6.      Make a bid and lock up the property

7.      Assign and flip your property to your cash buyer

...REPEAT

Take note, the first thing on the list is to FIND REAL ESTATE CASHBUYERS.

Cash Buyers Lists Never Buy A Home Without It!

You don’t want to purchase a piece of property if you don’t have a buyer already set up.  Here’s how your $17 can change the game of real estate for you.

Cash Buyers Lists provides verified real estate cash buyers in “any city” for “any state”.

That’s right, “ANY CITY FOR ANY STATE!”

Each real estate cash buyers list can contain up to 500 leads of verified real estate cash buyers who have purchased real estate for cash within the last 6 months.

So once you have your verified real estate cash buyers how do you contact them?

Depending on your Cash Buyers Lists package you will be able to obtain phone numbers for your leads.

Don’t wait another moment.  Get started by picking up your first real estate cash buyers list, NOW!

www.CashBuyersLists.com

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How do I invest in real estate with little to no money?

How do I invest in real estate with little to no money?

What if you were told you could get started in real estate with just $7?

Yes…you read that right, $7!

You’re probably thinking, “How can $7 get me in the real estate game?”

While it’s not $1,000,000, $100,000 or $10,000, hey, at least it’s something and never under estimate the value of a dollar.

Just because you don’t have much money to start investing in real estate doesn’t mean you shouldn’t start investing right away.

Actually, the most difficult part of investing in real estate is, “STARTING”.

For those of you who are discouraged because you only have a little bit of money to invest – don’t fret!

$7 can get you in the real estate game more than you realize.

 Here’s how:

1.       FIND REAL ESTATE CASH BUYERS

2.      Get Your Real Estate Cash Buyers' Parameters

3.      Contact an Agent or Broker

4.      Find the properties based on the parameters

5.      Run the numbers

6.      Make a bid and lock up the property

7.      Assign and flip your property to your cash buyer

...REPEAT

Take note, the first thing on the list is to FIND REAL ESTATE CASHBUYERS.

You don’t want to purchase a piece of property if you don’t have a buyer already set up.  Here’s how your $7 can change the game of real estate for you.

Cash Buyers Lists provides verified real estate cash buyers in “any city” for “any state”.

That’s right, “ANY CITY FOR ANY STATE!”

Each real estate cash buyers list can contain up to 500 leads of verified real estate cash buyers who have purchased real estate for cash within the last 6 months.

So once you have your verified real estate cash buyers how do you contact them?

Cash Buyers Lists has connected with one of the top informational people search providers in the United States.

You’ll need an account, ($5 per  month), and you can get cracking on sourcing email addresses and phone numbers right away.

It really is that simple.

Don’t wait another moment.  Get started by picking up your first real estate cash buyers list, NOW!

www.CashBuyersLists.com

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5 TIPS FOR BUYING FORECLOSED HOMES

Cash Buyers Lists News​​​​​​

Despite increases in home prices and a stabilizing housing market, many experts say the foreclosure crisis is far from over. But buying a foreclosed home is different from buying a typical resale. In many cases: 

• Only one real estate agent is involved.
• The seller wants a preapproval letter from a lender before accepting an offer.
• There is little, if any, room for negotiation.The home comes as-is, and it's up to the buyer to pay for repairs.

On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

"Buying a foreclosure is definitely a bit of a grind. It's not easy," says Robert Jensen, a broker in Las Vegas. "You're getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want."​

Get a Broker and Lender

The first two steps in buying a foreclosure should happen almost simultaneously: Find a real estate broker who works directly with banks that own foreclosed homes and get a pre-approval from a lender.  Elaine Zimmerman, a real estate investor and author, recommends that shoppers first visit any site with a database of foreclosed homes. You also could look at a local real estate website that lets you filter the results to see only foreclosures. You might find the acronym REO, which means "real estate owned" (by a bank, that is). This signifies that a home has been through foreclosure and the lender is selling it.

Get a Broker on Your Side

The goal of combing through foreclosure listings is not to find a house; it's to find an agent. Banks usually hire a few real estate brokers to handle their REO properties in a market. In a lot of cases, the buyer works directly with the bank's broker instead of using a buyer's agent. That way, the commission doesn't have to be split between two brokers.

"A lot of these REALTORS(R) have a long-term relationship with these banks, and they know of listings that haven't even come on the list yet," Zimmerman says. "Call them about the listings that you're interested in, but also ask them about listings that may be coming up because sometimes it may take a day or two or even a week before a listing actually comes onto the database."  In places where thousands of foreclosed properties are for sale, you might not get much one-on-one attention from overloaded agents. To prove that you're serious about buying, says Jensen, "right before or after you meet with the agent, meet with the lender."

Get a Pre-approval Letter

Unless you plan to pay cash, you'll need a recent pre-approval letter from a lender. The letter will describe how much money you can borrow, based upon the lender's assessment of your credit score and income.

"The problem is, buyers want to find the house first, and then they think they'll work out the financing," Jensen says. "But the problem is, the really good deals on these bank-owned, they go quick-and the buyer doesn't necessarily have time to try to work out the financing afterward. They need to work that out first." Zimmerman says some first-time buyers make the mistake of assuming that the bank selling the home will also finance the mortgage as part of the deal. "Don't expect to get financing from the bank that foreclosed on it," she says. "That's a totally separate transaction, and they view it that way. The people in the (bank's) REO department are not loan officers. They are getting rid of bad assets."

Pricing Depends on Sales Pace 

There's no rule of thumb on what the bank's bottom line is on price. Just as with any other real estate purchase, you have to look at the recent sales prices of comparable properties, or "comps."

Jensen says: "You really have to look at the comps in today's current market conditions and write a competitive offer based on that. Sometimes the bank prices the homes really low, and the home will have multiple offers over list price within hours. Sometimes it's priced too high, and you can come in lower. A lot of times, buyers will come to me and say, 'We want to write offers for half price.' It just doesn't work that way."

​Don’t Expect a Repair Discount

Keep in mind that foreclosed houses generally are sold as-is. Jensen says: "Let's say the house is listed for $200,000, all the comps are $200,000, and so the client comes in and said, 'Hey, look, I want to buy this house but I've got to do paint, carpet and fix some mold damage, so I want to take $15,000 off the price.' You know what? All the other ones were in the same condition, and they sold for $200,000."

Jensen further counsels to look at the "absorption rate for your product class." That means you should find out how quickly comparable houses are selling. In foreclosure, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, whereas more modest homes might sit on the market for weeks.

If homes in your product class are selling swiftly, "the best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market forever with no activity," Jensen says. "If you're going to be upset because you would have gone $5,000 more, but you lost the property, just bid the higher price in the first place."

Jensen and Zimmerman recommend getting to know trades people who can assess and repair damage from pests, mold and leaks.
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