Notice:
HomeCards Agent Account ID: 10023 is not available because:
AGENT/BROKER Account Inactive.

Please contact:
Tom Steele
Office: 303-933-7654
Direct: 303-888-1951
Email: tom@trsteele.com
Email2: tom@the-reo.com

Let this agent or broker know that you wish to use their HomeCards service. BUYING FORECLOSURES

Tom Steele

The Real Estate Operation, LLC
Office: 303-933-7654 Cell: 303-888-1951 FAX: 303-933-4601

BUYING FORECLOSURES

Deal Or No-Deal

Banks have thousands of properties they want to unload - TRUE   Banks will practilly give these properties away for pennies on the dollar - FALSE

Prior to foreclosure a property becomes a non-preforming asset on the bank ledger which means it is a not producing income but the bank has no control over the property. Foreclosure allows the bank to get control of the asset and make it income producing through the sale of said property. It is in the banks best interest to get the highest possible price under current market conditions. To this end the bank or financial institution holding title to the property will do one of the following:

    • Market the property through its own in-house system
    • Hire an asset management company to sell the property
    • Sell the loan portfolio consisting of a large block of foreclosed loans to an entity that specializes in the disposal of such assets for a profit
    • Auction off the property (usually done with the least desireable properties)

In any case it is always the goal of the bank, asset management company, portfolio manager or auctioneer to get top dollar for the property as this is the measurement of proformance used for promotion from within in in the case of the in-house bank system and portfolio manager or contract renewal in the case of asset management or auction companies.

The marketing strategy for all but the auction company is to put the property on the market at a price usually above their current estimate of value and reduce it every 30 days until they receive an acceptable offer. Normally, no offer will be accepted until the property has been on the market at least 10 business days thereby giving the selling institution an opportunity to obtain multiple offers at which time they will bid one offer against the other. This is accomplished by notifying all parties that they have received multiple offers and request they tender their highest and best offer. This 10 day hiatus also protects the selling institution in the event they priced the property below its market value as that will encorage multiple offers.

It is in the best interest of the Buyer to obtain the services of a Realtor who is familiar with the marketing of bank owned properties otherwise known as REO's and willing to work for them as a Buyers Agent with no obligation to the seller. To this end I offer my companies services  

Tom Steele - Broker

The Real Estate Operation, LLC

                                                         



/Photos/120x/10023.jpg Tom Steele
The Real Estate Operation, LLC
Office: 303-933-7654
Direct: 303-888-1951
Cell: 303-888-1951
Fax: 303-933-4601
7551 S. Reed Ct
Littleton, CO 80128
/Logos/120x/10023.jpg

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