Tips on Getting a Deal on a Parker REO or Foreclosure

Getting a deal on a Parker Foreclosure or REO is easy.

The calls keep coming with the same request.

“I want a deal on a foreclosure or REO property in Parker, Colorado.”

It isn’t hard to find the deal the problem is getting the deal complete before another buyer steps in and gets the house. Here are a few recommendations and tips for being prepared to capitalize on the next “Hot REO Deal.”

Buy a REO or Foreclosure

They are deals for a reason. REO or Foreclosure properties are generally listed below full real market value. That attracts a lot of attention and offers from perspective home buyers.

• Go see the REO or Foreclosure the day it hits the market. Early bird gets the worm hold true for real estate too.
• Have your money ready to go. By this I mean be FULLY approved. Not just qualified but approved for your loan.
• If you are paying cash have verification of finds readily available. You will need to show proof of funds on all cash transactions so move the money into the appropriate accounts and be ready to go.
• Banks love an offer where the buyer can close super fast.
• When a new REO or Foreclosure hits the market be ready that day to go see the house and make a buying decision or eliminate if from the list of potential homes.
• Some foreclosure such as HUD homes have a 5-15 day offering for owner occupants only. Meaning you must live in the house to make and offer during the first 5-15 days. Don’t waste you time looking at homes that you cannot even offer on unless you want to write and offer and hold it until the owner occupant period expires.
• Have your earnest money or deposit check handy. Also be prepared for the bank to request a certified check or money order for the Earnest Money or Deposit. Many times they want to know you have god funds.
• Don’t hesitate on making an offer. If it fits your budget, needs and return on investment numbers write the offer immediately.
• Chances are that if you like the home then someone else likes it too. You have to be quick to beat them out and get your offer in first.
• Schedule all of your inspections for a day or two after your offer is accepted. generally banks only aloow you 10 days to get all of your inspections completed. Plus if the property is a dud you need to be proactive and kill the deal and move on to find another foreclosure deal.
• Also be prepared to pay a small fee in the winter time to have the house dewinterized so you can do the inspection. Generally there is a fee of about $200.00 to have the home de-winterized and re-winterized. This is sometimes charged to the perspective home buyer. All they are doing is turning on the water, power and gas for the inspector.

Good luck.

I have a link that shows all of my investor clients and home buyers every new Parker, CO REO and Foreclosure as it hits the market. All they do is check the link daily to see what is new on the market and call me to set a showing.