Скачать или смотреть Tips for Bidding on preREO Assets

The prices you’re going to see on the preREO website are usually asking prices from the sellers, but they’re not necessarily required to be the amount you’re going to bid. You can bid that, you can bid higher, or you can bid lower, it’s your choice!

Watch this video to better understand the pricing of preREO assets and how you should be bidding if you’re interested in purchasing one from the website!

Key Talking Points of the Episode

[00:00] Introduction
[00:04] Is preREO an auction site?
[00:44] Property on Erie, PA
[01:12] How much will preREO finance for non-performing mortgages?
[02:00] How do you figure out how much you should bid on preREO assets?
[02:37] Where do the asking prices on preREO come from?
[03:26] What happens if the homeowner decides to sell the property?

Quotables

“preREO is not an auction platform. Basically, you are going in and making a bid on a non-performing loan that is available and the seller will counter, accept, or reject the offer.”

“Be aware of that. It’s really up to the seller to whether or not they’ll respond, and how they will respond.”

“The program fee equals 25% or $2500, whichever is greater.”

“It’s 75% across the board on any assets that you buy on the preREO platform. For that matter, if you find an asset off the preREO platform, a non-performing loan that you wanna get financing for, we will also provide financing on that, typically 75% of the acquisition price.”

“You can offer that, you can offer more, or you can offer less. That’s only an asking price, it doesn’t mean that you have to pay that.”

“This homeowner could decide to sell the home at $65K and then simply pay off the debt in full.”

“You can also get any additional interest, any additional legal fees or property taxes that are advanced – those can be added to the amount due on the debt and there’s still probably some equity to get those paid.”