If you’ve read most of our blog posts/articles in the past, you know that I have described the relationship between bank brokers (the Realtors that list the bank foreclosures), and the asset managers that represent the banks as a dysfunctional.
Well, we have seen the nature of these relationships evolve somewhat over the past year, probably out of necessity. Whereas before, brokers had almost no say about what offers the banks should accept (the banks relied on third party Broker Price Opinions to determine selling price, rather than listen to the local brokers), we have seen a shift here.
Namely, we started noticing a pattern emerge where we saw some of the best deals were consistently with one broker over others. After talking to a lot of different brokers about this, we have learned that there has developed some leeway in that certain asset managers ARE listening to their brokers, and it is has now having a bearing on what kind of deals we as investors can get.
In other words, some banks are listening up, and when the local Realtor says, “You need to dump this dog”, they are starting to listen and follow this advice. The operative word is here “some” banks! So if you do your homework and talk to these local REO Realtors, you may find that one may simply have better deals than the REO broker down the street…this is HUGE.
…FIND THE BROKERS WITH THE BEST DEALS AND FOCUS IN ON THEIR INVENTORY.
What’s the best way to do this?…..VALUES, VALUES, VALUES….KNOW THY VALUES!
We say it over and over again, know a smaller area like the back of your hand so that when you see deals you know immediately and you can be first. Same goes with buying Tip#1 and Tip#2…so actually knowing your values should probably be a tip all in itself…hmm, maybe I’ll change it…….be happy and prosper…K
Kurtis and CIndy Squyres
http://www.FarBelowMarket.com
http://www.FlipForeclosuresForProfit.com
Tags: buying foreclosures, FarBelowMarket.com, Foreclosures, Kurtis and Cindy Squyres, Learn To Wholesale, REOs
