My REO Questions...

[Amanda Herr]

Hi guys,

I'm done being a landlord and may be someday but not now. I know I've been reading and learning from some of you in this site. This is going to be my first time doing Wholesale REO and Flip to an end buyer. My husband thinks I'm nuts.

I got a list of cash buyers and network sites where I can shoot my a property for sale, planning to find more and later I'll put some signs once I get an offer accepted by the lender. I know where to get transactional funds, and a title that allows double closing. My questions are....

1. Should I just approach directly to the REO Agent (the gatekeeper) or should I get my own RE Agent?
2. Does the REO agent need to know that I'm am a wholesale investor, flip to an end buyer, do a double closing and etc.? Is there a sample script how I can say or approach to them? I just want to be honest.
3. II think in order to get approve by the lender, Reo agents like full commission if you use them exclusively, no inspection contingency, nice escrow deposit, and close fast (more likely bank are always slow), correct?
4. In order to bargain low, the property needs to be sitting sadly around 30 days or longer, correct?
5. Since I don't have a RE license, do I really need the REO agent open the property or can he just give me the access code to get in? Cause I don't want him to watch me snapping pictures.
6. When you guys submit an offer to the REO Agent, do you email them, fax an offer, or phone them and what type of form did you use?

I'm a little nervous because maybe this weekend or next week I'm going to do house(s) shopping. I feel like that Katie Perry who sings that song about Las Vegas ???, the music video (can't remember the title) using the only and last coin to flip a jackpot.

Right now I'm gambling my only and last savings for an escrow deposit and hoping that money will flip at least up to $5,000 or more.

I'll let you all know how I'm doing.

Thanks,

Amanda
Can't wait to be a pro and not chickening around....