Real Estate Tips, Hints & Articles

The real estate market has hit bottom in some areas and as evidenced by the fact that occasionally bank owned properties get sold for more than they were listed at. This creates a new scenario per the savvy real estate investor who cannot be contented to operate only in his own backyard or that needs a more effective tool to do that anyway. With a growing portion of bank owned properties being acquired by retail buyers, the selling prices are often very near to listing price and often listing prices are very close to the current market value of the home.

The search page of REO Goldminer where you select the areas of interest and the discount threshold.

In those cases where they are much higher we simply see that the house remains unsold for one, two, three months until the bank decides to drop the price to the right level and then it gets sold usually in a matter of a few days. Speed is of the essence and the successful investor needs to be able to make many offers in the shortest period of time trying to find those properties which are already priced well below the current market value (let’s call it ARV – After Repair Value). These properties often have repairs to be done and that’s why they are priced low, but again it is out job as investors to evaluate the repair costs and to conduct them balancing speed, price and quality.

The results are immediate and you get a list of the properties you can immediately use.

There are a number of resources that you can use in to keep informed of the new listings from banks. The easiest one is to get in touch with some local Realtor as get an automatic copy of the new MLS listings mailed to you daily. But in the last couple of months I have been experimenting a system that allows me to have an advantage over my competition: REO Goldminer (http://www.reogoldminer.com).

This system allows me to search in any area or multiples areas of the United States for bank owned properties that are being sold at my threshold discount. It also shows me the properties that area above that threshold so that I have a complete picture of the market. I can also get instant information about the properties and who is listing them. The system is growing as I write and they are adding new features right these days, one of them will be a marketing cross-promotion platform that will allow you to market you wholeasing properties as soon as you have them under contract. Check it out.