Posts Tagged ‘review’

Bank Motivated For REO Riches Formula

September 17th, 2010 by admin | 1 Comment | Filed in REO Riches Formula information

How motivated are these banks really to sell REO’s or bank owned foreclosures at huge discounts?

Well take a look at this shocking REO Riches Formula News Flash below. What you see there is bank owned homes being bulldozed! And these are not some trashed, old houses that no investor would have touched with a 5-foot pole either.

No, these are brand new homes that are being destroyed.

Destroyed because the bank didn’t want them. Think about that! They so badly didn’t want them that they PAID a demolition company to get rid of them!

Do you think it would have been possible – just possible – to make them an “offer” that they wouldn’t have refused?

Clearly, this is a great example for bargain deals that would have been available if someone had been there at the right time, with the right offer. Read on below…

With REO Riches Formula Relationship is Key

Relationship is the name of the game in bank owned foreclosures, but don’t get scared. You don’t exactly have to “bribe” real estate agents or asset managers into working with you and (illegally) ignore better offers from your competitors to make you rich.

One of the most important qualities that you must show as a serious buyer is your ability to perform.

Because for the asset manager to make your deal work, there is only one thing that matters to him or her: That the deal gets done and closed at the agreed time.

There can’t be any renegotiation games after you take a closer look, shop the deal around as a wholesaler, and decide that the price you offered was too high to flip it at a profit.

If you do that just once, you will have blown the relationship with that asset manager forever.

Now, obviously there is a bit more to it, but be assured it is not complicated. Jeff Adams himself is an ex-fire fighter who has build a real estate empire from scratch. His methods have worked for many other people who simply followed his instructions, and there is no reason they cannot also work for you.

Stay tuned for more information updates in the wake of the REO Riches Formula release in October.

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REO Riches Formula For Bank Owned Foreclosures

September 15th, 2010 by admin | 4 Comments | Filed in REO Riches Formula information

Making Money With REO Riches Formula can be one of the best ways to take advantage of the current housing market which is marred by foreclosures and excess inventory of properties for sale.

What Are Bank Owned Foreclosures

When a home owner defaults on his or her mortgage, the bank will typically initiate foreclosure proceedings within 3 to 6 months of the first missed payment.

If the default cannot be cured or resolved by other solutions such as loan modification or short sale, the bank can auction the property at a foreclosure or trustee sale.

If nobody bids on the property at the price that the bank is offering, the bank now becomes the legal owner of the home. REO Riches investors take advantage of this type of inventory.

What Does the Bank Do Next?

Next the bank will evict the previous home owner or tenant if they are still living in the house. Once the property is vacant, the bank will proceed to list it on the open market. Meanwhile, the REO (“real estate owned”) or bank owned foreclosure property sits as a “non-performing asset” on the bank’s books.

And the asset manager of the bank doesn’t like that one bit.

Because every month, not only does the bank get more foreclosures onto their books, but they also have to manage these properties, keep them secured, and in agreeable condition so as to not get in trouble with the city ordinances.

That makes the bank an extremely motivated seller.

Motivated Sellers Have to Sell

Motivated sellers are those who not only want to sell, but HAVE TO sell their house. So, the banks are in this case very motivated, because they are not in the business of managing houses, and every month the house doesn’t sell it costs them more and more money.

Great, you say, so let’s just go look at the Multiple Listing Service and buy these bank owned REO’s for pennies on the dollar, right?

Not so quick!

In most areas, the banks pretend that they have not given up on the values of these properties yet. In fact, most banks will list the properties at or near their current “fair market value”. And while this may be a great opportunity for a retail buyer – after all, the house sold for more than double only a few short years ago – it is not enough to rake in “REO Riches” for a bargain hunting investor.

So Then What?

Some of the chief strategies of the Jeff Adams’ REO Riches Formula course are based on building relationships with REO agents, banks’ asset managers and other decision makers who control the bank owned inventory. Getting on the inside track of foreclosures and providing viable and fast solutions that help the banks out are key tactics that can lead to deep discount purchases of unwanted REO’s.

Explore this website for more information, reviews and bonus offers for the REO Riches Formula course to be launched in October 2010.

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