Things In the REO Market Picking Up Again

Hey REO Investors!

Sorry I have not been blogging for a minute here. I have been inundated with BPO work. For those of you who don't know what BPO means, the definition of BPO is Broker Price Opinion.

In preparation for pricing a property for the market, the asset management companies have real estate agents pull 3 comparable sold properties, and three comparable properties which are currently listed. Comparing those properties with the subject property, and making adjustments for square footage, lot size, beds, and baths, as well as condition of the property, gives us the adjusted value of the subject property. The asset management companies, who work for the bank to place their properties for sale with local Realtors, then, after 2 or 3 BPOs will come to a list price on that property, and assign it to a local REO Realtor. Sometime, there is an appraisal involved in this process as well, but with the volume of REO properties hitting the market these days, it's cheaper, and faster to have the agents do the price opinions, and go from there.

Anyhoo... I have been doing many BPOs in hopes of securing some real nice listings. I have also been working with the buyer population as well though. Last week I showed a 3500+ square foot, Brick, and Stucco Tri-plex in Dormont, PA to some people from California. Great deal at 99k! They hhaven't bit yet, but if they wait too long, it will be gone! This big ole' bird had 2 bedrooms in each unit. A newer roof, and all the original woodwork and stained glass was still untouched. It needs a small galley kitchen redo, and the boiler system needs repaired, but what a steal!

I also showed the same buyers a 9 unit Brick Turn of the Century building in Carrick. That is 8 residential units, 2 two bedrooms, 6 one bedrooms, and a retail space. Georgous building in need of a little love, but boy will that thing cash flow once it sees a little love. Exterior wise it's an architectual jewel, priced at 99k.

If you care to see either of these properties, as of today, they are still available, but they will go fast.. If you want pictures e-mailed to you, let me know. The time is now to get the deals, once the G-20 comes, you can mark my words, not only will investors be coming from California, Florida, Nevada, New York, New Jersey, and all the other states they are currently coming from, they will be coming from England, China, ect, ect. I'm already working with a client from Australia.

Until the next time, feel free to check in with questions, concerns, or house hunting, or selling needs.

P.S.

American Home Shield is now offering an REO home warranty product for $514.00. It is a great product to buy when you are purchasing an REO for more info on the product, shoot me a line, I'd be glad to tell you how it works!

Keep It Precious!

Chad Church