Common REO Challenges
1. The first challenge is determining what the property is worth. This is not your average comparative market analysis. You will need run you average CMA and work from there on a deduction basis. AKA know what rehabilitation costs.
2. Staying on top of the management of the property. Use checklists to manage duties and tasks. This consists of transfering utilities and scheduling a clean out crew to say the least, considering it is much more involved.
3. Along with managing the property, you will need to front the money, then make sure you have the systems to manage the money. Typically, expenses will be higher to service these properties.
5. Finally, getting clean offers to present to the bank. The bank does not have time to wein through bad offer, or run an offer that will not close. So, make sure any and all offers that are going to be considered for acceptance have the proper preapproval and make sense (reasonable contingencies).
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