It’s a good idea to establish a relationship with several Realtors who work in areas you are interested in so you have a better chance of finding more properties. Most Realtors specialize in one or two close by areas. Realtors like working with investors on their REO listings because they know investors generally have cash and can close quickly. Banks like cash buyers also. Really, who doesn’t?

Tips to Getting Your Offer Accepted

* Always write a cash offer
* Attach a copy of your bank statement to show proof of funds or get a proof of funds letter from a transactional lender
* Eliminate as many contract contingencies as you can
* Offer to close quickly
* Do your due diligence so you are aware of the property value
* Choose properties that don’t show well or need repairs to eliminate competition from home owners

Establishing Relationships with Realtors

Realtors can help you find short sale properties as well. You should discuss the criteria you are looking for in a property with a Realtor, and your price range. This way, when the Realtor comes across a REO or short sale that meets your requirements, the Realtor will contact you immediately so you can view the property and put in an offer.

If you are serious about buying REO’s in today’s market, you need to talk to Realtors. Be sure to have your cash or financing available. Cash is king right now so keep that in mind when you are buying REO’s. If you don’t have access to cash, consider raising private money.