All Forum Posts by: Geode Pratt

Thanks Wayne Brooks ! Here's the deal ... They are already REOs and they are already for sale. The bank doesn't always evict. Think of it like buying an occupied house hubzu or auction.com. The numbers work as long as the occupant doesn't tear the place up on the way out. Yes, I could buy it, then go evict, but it would be much nicer to gauge their level of pissed off before making the purchase. Plus, it might provide an opportunity to view the inside. Just thinking out loud here...

Hello all, I am considering purchasing some occupied REO property and was wondering if anyone has any experience with approaching the current occupant prior to purchase? These properties have already gone through the foreclosure process and are now bank owned, but the previous owner is still occupying the property. I was thinking of talking to the occupant,and assuming they are indeed the previous owner, explaining that I am considering purchasing the property and proposing a cash for keys scenario once I close. Has anyone done this prior to purchase? advice, recommendations, and or thoughts on this matter? Thanks as always!

@Lance Wakefield

I am curious to know if you were able to find a place to settle. I'm looking for the same. 

Thanks.

@Marcus T.

I won't be at Tarrant County, but if you go there, find the people who are carrying around binders, possibly announcing the trustees, and documenting prices. They are from 4Closure Listing Service (George Roddy) and they can be very helpful. Yes, they have a product to sell and a job to do, but they will be happy to chat and educate you on the process when they are't busy. If you feel like driving a little farther, come to Collin County and say hi! Good Luck!

Chai,

If you live in Austin, why not invest in Austin. It would be much easier than investing out of town. There are a TON of great rental areas in DFW, but the market is hot, and prices are stupid high right now. Don't expect to be able to buy move in ready AND get appreciation in this market. It could happen, but the market could just as easily cool in the next 12 months. (election)

$125k will not get you into Richardson unless you want condos. I just did an MLS search in Richardson for under $150k and got 1 SFR not under contract and it is not move in ready.

@Gonz Trevino - Colleyville and Arlington are considered DFW. Everything in, around, and between Dallas and Ft. Worth is considered DFW.

@Cezar D. SanduYes. I can confirm that every bit of information they provide is, in fact, legit MLS data. The comps used are actual sold properties from MLS. I have a RE license and have confirmed this. The reason they can do this is that they are brokers and part of the monthly subscription you pay goes to NTREIS for that access. It's all very professional and above board. It's a computer algorithm, so it can't always pull perfect comps, but in most areas, it does a pretty decent job.

Interesting post... I recently received an email about this from one of the local REIA groups. I thought it was a local meeting about motivated seller marketing. Glad to be able to come here and find answers.

This thread is about a year old though. Are there any updated results from those who have tried the system?

@Manny Garcia@Robert Hernandez@Heather Medina@Scott Costello@Caren Goodman@Belinda Lopez@Theo Davis@Marc Pfleger

@Greg H.

Thank you for your response and for the wealth of knowledge you share on BP. It took me a few days, but I was able to contact the right people and find the answer. And sure enough, I can buy from HUD. Apparently, it has nothing to do with the designation and everything to do with relationships. We have no relationships with any HUD listing brokers, asset managers, etc., so it's all good!

@Brian Lenz

Thank you for the response. I may try it out. Approximately what quantity of emails/deals did you receive and how regularly?

Curious to see if anyone has tried this service. I know some Realtors are repping it, and in theory it seems like a good product. I suspect the back end is very similar to the old Equity Razor software. Is anyone finding that the "deals" are legitimately worth pursuing?