How To Buy An REO or Short Sale In Marin County
We have talked about short sales, and what they are.
And we’ve discussed REO’s, and how they are different.
So how do you do it?
If you’re really determined to buy a short sale or an REO, we recommend the “Spray and Pray” strategy. Don’t plan to fall in love with anything, but plan to like a lot of things, and plan to write a lot of offers.
We are not advocating committing to multiple properties, by the way. We think you just need to be very prudent about expiration dates, and make sure you are not overlapping with multiple offers. The reality is most banks will reply and issue a counter even if the offer has expired.
When you find something you like, Write an offer. Do NOT wait for an answer. Immediately move on to the next one you like. Write another offer. Then do it again. (THis is the “spray” part).
Pray in whatever manner you see fit.
Try to maintain some distance. Don’t fall in love, whatever you do - be rational, hope for the best, but manage your expectations.
Sooner or later, one or more will get accepted, and you can decide if you want to proceed. Not pretty, but if you spend your time waiting for a bank to give you an answer, you’ll drive yourself nuts. And us.
