o
o
o

retire

---------------------

o
o

 

Market value numbers below are estimates only and are based on our research. Please do your own due diligence before purchasing any of these properties and ensure that you work with a reputable Realtor. It is possible today's property may no longer be available as well-priced bank owned real estate (REO) is often snatched up quickly by investors.

*     *     *     *     *     *     *     *     *

Lafayette Population:  5,000    |   Cost of Living: 7% Below U.S. Average    |   Crime Rate:  Meets U.S. Average

 

o
o

Today's Bargain: Single Family Home (Bank Owned)

306 Meador Dr., Lafayette, TN 37083

4 bedrooms, 2 baths, 1,997 sq. ft., built in 1951

Current Price: $129,900    Web Site

Current Market Value Estimate: $199,400

Taxes: $1,037 (2018)    HOA: No

Last sold in 2017 for $129,900

Single level brick home with lots of wood, open kitchen, covered deck, French doors, walk-in tub, carport, work shed; some rooms need paint

o
o

 

o
o

Tennessee Stats:

Population - 6,495,978

Persons 65 years old and over - 14.2%

High school graduates, percent of persons age 25+ - 83.9%

Bachelor's degree or higher, pct of persons age 25+ - 23.5%

Persons of Hispanic or Latino origin - 4.8%

White persons, not Hispanic - 75.1%

Median household income - $44,140

Social Security taxed? No

Source: U.S. Census Bureau

o
o

-----------------

How to Make the Right Offer on an REO Foreclosure Property

REO (real estate owned) foreclosures are often sought-after due to their low prices. The low cost of an REO property can lead to fierce competition between buyers in attempt to the snatch up a good deal. Some REO foreclosure properties can have over a dozen bidders, making it difficult for a bank to quickly sell the property. It's common practice for a bank to simply ask the two highest bidders for their final price and take the better offer. By adhering to the following tips, you can figure out how to make your REO offer stand out among others when seeking REO properties, despite tough competition.

Know your REO

Figuring out the history of a particular REO foreclosure can be beneficial in trying to obtain it. Your buyer's agent can help you find the bank's purchase price, whether it be on the Trustee's or Sheriff's Deed. These documents should lead you in the right direction to find the purchase price, compare them to the price of what the bank is asking for. Also familiarize yourself with any sort of loans that were attached to the property. The bank will most likely accept an amount between the original mortgage and the foreclosure sale price, provided the house itself is underpriced. Take notice of comparable sales in other REO foreclosure properties in the area, comparing other properties with similar attributes to the REO that you are seeking.

Research and Reevaluate

Proper research can be key to securing a foreclosure property, whether it's research on the property itself or the person selling it. Take some time to look up the other listings of the REO agent selling the property you're after. Figure out their history of their listings and compare their sales prices to list prices. Once you've determined an average percentage of what their selling in relation to list price, raise your offer accordingly. Make sure to ask about how many offers have been made for the REO property you're after. You can most likely ask for a price lower than list if there are none, but you'll probably have to go above list price if there are multiple offers. Also keep in mind that banks prefer all cash offers, so make this a priority if it's within your means.

Sweat the Small Stuff

Don't disregard the smaller details. Submit a preapproval letter to your lender(s), both to your own personal lender as well as the lender who owns the property. Don't bother the REO banks with the need to do inspections or repairs. Iron out such details after your offer is accepted, not before. Something as simple as negotiating your own inspection period (preferably shortening it) can make you seem like a truly legitimate buyer. Be willing to bargain with the bank and help share any fees or potential financial burdens if it means securing your property. Through research and negotiation combined with some personal dedication, you can secure an REO property and beat out your competition.

~Article Source: Ezines.

o
o


o
o

Webwerxx, Inc. Copyright (c) 2006-2019.

All rights reserved. No part of this electronic publication may be reproduced in any way without the express written consent of Webwerxx, Inc. Reproducing any original part of this publication without written permission from Webwerxx, Inc. is plagiarism. Numerous attempts were made to verify the accuracy of the information contained in this website, but some information may have changed since each article and/or report went online, and Webwerxx, Inc. is not liable for inaccurate information contained in its articles and/or reports.

o