Tips for a Successful REO Purchase

Tips for a Successful REO Purchase

1. Become a bank customer- With dozens of investors & broker calls about purchasing REOs every day, lenders often give preference to depositors
2. Be a bank resource- Lenders appreciate brokers who can offer sound market information, but take care not to cross that fine line from being an asset to a nuisance.
3. Go with proof of funds- either cash or a loan from another lender.- a few lenders will loan on REO, but that's still the exception
4. Do due diligence promptly- It should be conducted before you make an offer since sellers usually want to close in 30 days or less.
5. Don't expect complete property records.- Lenders usually don't have them & won't obtain them.
6. Don't ask for an extension on the closing- You'll probably face financial penalties or a lost deal.

Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS