Get On a Path Less Traveled
Get away from Banks and REOs.
They have sales price floors (they can only sell for X% less than what is owed). Real people that own property can GIVE YOU the property if they want (it happens).
Banks are sophisticated. They will have every report and all market data.
Banks won’t take payments. Go figure! They loan money but they won’t but they won’t finance the sale of their REOs. I regular owner/sell just might finance the deal for you (you have to ask).
Banks are NOT motivated. The employees you deal with at the bank don’t care if the property sells or not. It’s not their money flushing down the toilet!
Banks cannot make decisions quickly. They have to have a board meeting to discuss every change or proposed negotiation. The sale can take months.
Banks aren’t rational. They are regulated by the Federal Government…that should say it all.
Banks take bids from multiple buyers. They invite competition to your table..
Get off the beaten path. There are ways to find owners who desperately need you; ways to find sellers that know one else can find…limiting your competition. There are sellers out there with harsh deadlines, that have to make a decision or lose it all and get $0. There are sellers out there that will take payments with 0% interest…and they can sell for any price you can negotiate…and they don’t have to have a board meeting to sign a contract..
If you have connections, if you’re very patient, if you have cash lined up….you could make some deals with institutions. Yes, it’s been done successfully. I’ve done it!
But for most investors, there are better ways to find better sellers, buyers and private money lenders.