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AK
ParticipantBidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.
The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.
If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.
Other than that, down payment doesn’t seem to matter so much.
Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.
ParticipantBidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.
The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.
If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.
Other than that, down payment doesn’t seem to matter so much.
Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.
ParticipantBidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.
The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.
If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.
Other than that, down payment doesn’t seem to matter so much.
Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.
ParticipantBidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.
The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.
If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.
Other than that, down payment doesn’t seem to matter so much.
Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.
ParticipantBidding on REOs can be a dirty, nasty, ugly affair, second only to bidding on short sales.
The true gatekeeper is the listing agent, not the bank. If you go directly through the listing agent (as opposed to using a buyer’s agent) he/she makes double the profit, because the meager commission doesn’t have to be shared. Of course this also means there’s no one to represent your interests in the deal, and the listing agent will probably regard you as a helpless suckling Pigglet ready to be slaughtered and roasted.
If you do use a buyer’s agent, it helps to be paying cash … If not make a reasonable offer with a substantial earnest money deposit, and don’t ask for any closing costs, repairs, etc. Overbidding doesn’t seem to help because of potential appraisal problems. Some listing agents will call for highest and best, some won’t.
Other than that, down payment doesn’t seem to matter so much.
Oh yeah, you have to be thick-skinned to play the REO game. Prepare for lots of disappointment and rejection, with regular doses of rudeness or outright insults.
ParticipantI think USAA recently INsourced loan origination and underwriting so some of these problems may reflect the usual struggles of building up a new department with new people.
I’d still consider USAA for my next home loan … but I’ll consider alternatives as well.
ParticipantI think USAA recently INsourced loan origination and underwriting so some of these problems may reflect the usual struggles of building up a new department with new people.
I’d still consider USAA for my next home loan … but I’ll consider alternatives as well.
ParticipantI think USAA recently INsourced loan origination and underwriting so some of these problems may reflect the usual struggles of building up a new department with new people.
I’d still consider USAA for my next home loan … but I’ll consider alternatives as well.
ParticipantI think USAA recently INsourced loan origination and underwriting so some of these problems may reflect the usual struggles of building up a new department with new people.
I’d still consider USAA for my next home loan … but I’ll consider alternatives as well.
ParticipantI think USAA recently INsourced loan origination and underwriting so some of these problems may reflect the usual struggles of building up a new department with new people.
I’d still consider USAA for my next home loan … but I’ll consider alternatives as well.
ParticipantTry Nolo Press (nolo.com) — famous self-help legal publisher that sells books and forms written by lawyers for laymen.
As a general reference I’d recommend the book “Landlording” by Leigh Robinson.
(Yeah, I’m a lifelong renter who still hasn’t closed on his first home. But my parents were reluctant landlords for years, and as the kid with the best grades in English I helped type up all the legal paperwork.)
ParticipantTry Nolo Press (nolo.com) — famous self-help legal publisher that sells books and forms written by lawyers for laymen.
As a general reference I’d recommend the book “Landlording” by Leigh Robinson.
(Yeah, I’m a lifelong renter who still hasn’t closed on his first home. But my parents were reluctant landlords for years, and as the kid with the best grades in English I helped type up all the legal paperwork.)
ParticipantTry Nolo Press (nolo.com) — famous self-help legal publisher that sells books and forms written by lawyers for laymen.
As a general reference I’d recommend the book “Landlording” by Leigh Robinson.
(Yeah, I’m a lifelong renter who still hasn’t closed on his first home. But my parents were reluctant landlords for years, and as the kid with the best grades in English I helped type up all the legal paperwork.)
ParticipantTry Nolo Press (nolo.com) — famous self-help legal publisher that sells books and forms written by lawyers for laymen.
As a general reference I’d recommend the book “Landlording” by Leigh Robinson.
(Yeah, I’m a lifelong renter who still hasn’t closed on his first home. But my parents were reluctant landlords for years, and as the kid with the best grades in English I helped type up all the legal paperwork.)
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