Buying Prescott AZ Bank Owned Homes

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How often has this happened to you?... After much market research, driving around and conversations with your agent (and often many others) you find the bank owned home you were looking for. Its only been on the market one day and you know its priced below the market and within your approved budget. Your agent calls the listing agent only to find out there aleady 3 offers and the bank is asking for "highest and best" to see who gets it.

This has been my experience way too often in the last few months so I found a creative way to get my buyer's offers first in line. Its all about building relationships with the AZ REO listing agents. Just as they had to work to build relationships with the lenders and the asset management companies, Prescott AZ REO buyers agents need to invest time and effort into relationships with the people who can help them.

I spend a lot of my time on the phone with other REO agents working to find out which prime properties are about to be listed and at what price. Often I can can even get my buyers into them several days before the listing. Last week I was able to successfully get an offer into the lender the day before the listing went active. By the time the listing went active the next day, I already had an accepted offer and the listing went pending immediately.

An important fact to consider is that REO teams have listings for as much as 3 to 6 weeks before they show up on the MLS. During this time which is known as "pre list" or "pre marketing", if I know what you are looking for I can give you the opportunity to tour a home long before most agents even know its going to be listed. To take this one step further, some REO teams share this "pre marketing" information with each other which benefits each team.

As Buye'rs agents in the foreclosure market, its important to be looking for new, more effective ways to represent our client's interests. Building good relationships with the agents who have what we need just makes good sense.

Dave Conners enjoys finding creative new ways to better serve his clients:)