a day late & a dollar short ;(

[Eli Alexa]

Gosh each time I call on an reo it has "just" received an accepted offer....*can u hear my "little violin" playing in the back ground*

I commend all reo buyers with a successful buy record....it's HARD out there! Each reo I have found someone else thinks it's better than I do and worth more too quicker than I can pick up the phone. What is the 15 day wait (HomePath) for if banks are going to accept an offer in 3 days of going public??? According to BP I am supposed to develop a relationship wt brokers/realtors it's just me and my meager savings I am not exactly a heavy duty investor yet. What is a light duty investor supposed to do...

[J Scott]

A couple thoughts:

- Don't hesitate to look at potential deals. Every morning look at what is new on the MLS that day, and if anything looks good, look at it immediately. If you're interested in submitting an offer, do so before 5pm the day the property is listed (or at worst, before the agent gets to work the next morning). This way, you'll never have to worry about an accepted offer coming in before you submit yours.

- Go after properties that have been sitting on the MLS for at least 60 days. These are probably priced too high, but generally the banks are willing to negotiate a bit more. And obviously there is little competition for these (if people wanted them, they wouldn't still be on the MLS after 60 days).

- Stay away from Fannie Mae properties that now allow owner occupants to bid before investors.