REO stories and struggles

[Roselin G.]

Hello!

If you’ve had success with REOs, Can you share your success and pain points? 

REOs seem like a super secretive, magical RE topic! :)

[Andrew Postell]

@Roselin G. REO's aren't what they used to be. In most scenarios REO's are required to be listed on the MLS for everyone to see. They are also required (in most situations) to have primary home buyer's bid on them first....then after a 2 week period, investors can then make offers. There's always an exception of course but this is the case for the most part.

What we want to do is get to properties BEFORE they are REO's. If we can get them BEFORE they get this far, then we can purchase them at a much more aggressive price. At least, that's the prevailing theory.

Here's some quick sites for REO's from specific agencies:

– Fannie Mae 

– Freddie Mac  

– FHA