get prepared

Get Pre-Approved

Every seller of Reo property is going to want you to show proof of funds when making an offer. If you don't have this, you are going to lose out to another buyer

Be prepared

Have your proof of funds ready and a game plan worked out with your Realtor and lender. The Reo properties we put on the market generally go under contract in less than 10 days. The bidding process is pretty competitive, and if you are not prepared, another buyer will be. Just about every day we see a buyer lose out on the home of their dreams because they were not prepared like another buyer was.

use a realtor

Let a Realtor help you

Allowing a Realtor to help you with your search will save you a lot of wasted time. Best to find one that specializes in Reo property. They will know the in's and out's of the Reo process, and may be able to show you properties that are coming on the market but are not yet listed. You can also have them setup a service on the mls that will email you as soon as a new property comes on the market that meets your criteria.

property search

Internet Search Sites

One of the best places to look is www.realtor.com. This site is updated hourly with new listings from the Georgia mls databases. Don't waste your money paying foreclosure web sites to look at their listings. Most do not have correct information and they are only looking to take your money. You can also use our search engine, it's updated with listings from FMLS and GAMLS, and you don't have to register or pay for anything. Drop us a line if you would like to have a specialized search setup, or for a list of properties that are going to be placed on the market but are not listed yet.

Make an offer

Making an Offer

We see people everyday lose out on incredible opportunities because they don't make a decent offer. Know the market. If a Reo property is on the market already for 50% of what it should be, then make a strong offer and walk away making a lot of money. Most people can't do this and lose out.

Earnest Money

This is another mistake that most buyers make when putting an offer down on Reo property. I can tell you from experience wtih banks, the FDIC, and asset management companies, that all they want you to do is CLOSE THE DEAL! Earnest money is a good way to tell them that you are serious and want to close. $500.00 earnest money on any kind of property basically says you are not very serious about anything. We see buyers lose deals everyday because they can't make a decent offer with a little earnest money down.

Stay on top of things

If you get an accepted offer, make sure you stay on your Realtor and lender during the entire process to make sure things are being handled quickly and correctly. Especially make sure you are staying on your lender to make sure they are meeting deadlines. Most Reo sellers are willing to extend a closing date due to lender delays, but if it happens a second or third time, you are likely to lose your deal.