Jeffery Reed is part owner of The Reed Financial Group, which brokers REOs and Reals estate notes ,an avid sports fan and a Software Engineer.
Over the last few years, we have learned tons of lessons dealing with REOs. The thing that puzzles me the most is why people will not just be honest. Why waste someone's time telling them that you can do something that you know you can not do.
Any way, I have seen article after article saying that investors are truly starting to buy these properties. I have been approached by several hedge funds looking for both REOs and notes. Most seller's have a process in place that they are very reluctant to deviate from, but after coming across so many fake sellers, we have started a new practice of our own.
The buyer has always been asked for proof of funds. Now we ask any new sellers for proof of performance. It's a novel idea whose time has come. Look in the phone book for an attorney and in almost every ad you will see these words: 'Background information available upon request'. I truly believe that any business person who is a proven performer will be more than happy to show off their accomplishments. If we can't get some type of proof from a seller, we just move on.
I believe that this is the best time to be in the REO business. Everyone is very much aware of what is going on now. The window will be small, but it is open now. If you are an investor, I would suggest that you take advantage of it. If you are a seller, I suggest that you put together some type of resume', prove to the investors that you can perform and do some business before the window closes. Once it closes, it won't open again for a long time.
- Related Videos
- Related Articles
- Ask / Related Q&A
- The M-a-g-i-c Secret for Real Estate Investors
- Serious Real Estate Investors Need to Build Resource Lists
- Real Estate Investment - Top Secrets Real Estate Investors Use To Turbocharge Their Businesses
- Attention New Real Estate Investors - Stop Looking For Light Or Cosmetic Rehabs
- The Secret to Reaching Motivated Sellers as a Real Estate Investor With Advanced Direct Mail Strategies
- Free Real Estate Investor Seminar?
- Review of the Northwest Arkansas Real Estate Investors Association
- Great Starting Ideas For the New Real Estate Investor
Buying Property Abroad
By: Ron Wesley | 07/01/2010The world has witnessed the sudden surge in the house prices in hot abroad real estate countries, with UK recording the highest. the real estate has suffered a major set back in countries like UK, USA and various European countries.
Tips on Making a Purchase Offer that Will be in Your Best Interest
By: marco | 07/01/2010Now you that you have found the house that you want, it is time to take the necessary steps to make it yours. If there was anything that needed to be either replaced or fixed, you should include those in the offer as contingencies. Also, if you do not want to risk losing the deposit because you could not get financing, go and get mortgage loan pre-approval, rather than just getting pre-qualified.
HAMP Programme Fails as Modifications Remain Elusive
By: Julie Thompson | 07/01/2010Some comment about the program HAMP Obama. It was expected to modify loans to affordable levels so that borrowers do not pay their mortgages. But as the year draws to a close there is no doubt that the program failed.
In Lycoming County Foreclosures, Defaults in Credit Cards and Bankruptcies Have Been Increasing
By: Julie Thompson | 07/01/2010Here she talks about some predictions on the economy of 2010, which is good news. Judge Richard A. Gray summed appropriately "Not that there is no light at the end of the tunnel." The forecast for 2010 is cloudy and depressing.
Rent to own a FLorida home, Provides buyers with many advantages
By: Florida Mortgage | 07/01/2010Ren to own FLorida, FLorida lease option, FLorida rent with the option to buy.
Sell Your Property in Bulgaria the Search Engine Way
By: Jumping Spider Media | 07/01/2010People looking to sell a property in Bulgaria are increasingly looking to search engine marketing in addition to using traditional real estate agents. With more people using search engines to buy and sell property than ever before, harnessing the power of the internet to sell your Bulgarian property is becoming one of the most effective routes to market.
Finding Comfort and Luxury at Dallas Apartments
By: Kamesh Goud | 07/01/2010If you are in search of a house or relocating in Dallas, it would be advised that you visit the place before buying or renting so as to be assured about the reputation and quality of housing and vicinity of that housing.
Dubai Luxury Villas for Sale and Rent
By: Alan Cruz | 07/01/2010Luxury villas are the new growing trend in Dubai. It is always nice to have your own luxury villa with your very own garage to park the cars, and no one to complain of the parties you keep having every once in a while at your house.
Cash for Clunkers
By: Jeffery Reed | 01/08/2009 | AutomotiveThis is my interpretation of several sources including the Wall Street Journal and CNN Money on what they have to say about the cash for clunkers program.
Steve McNair's family after his death
By: Jeffery Reed | 13/07/2009 | FootballThis is a short description of my opinion and views on what happens now that Steve McNair is dead and has been buried.
Natural Health and weight loss supplements
By: Jeffery Reed | 05/07/2009 | Supplements & VitaminsWhich Supplements can you trust, hydroycut has been taken off the market and ACAI is associated with a scam. Who is left.
Steve "Air" McNair
By: Jeffery Reed | 05/07/2009 | FootballMy brief encounter with Steve air McNair at an airport
My weight loss supplement experience
By: Jeffery Reed | 04/07/2009 | Supplements & VitaminsI entered a weight loss contest with a top prize of $15,000. I still have a good chance to win, but here is a summary of my experiences.
King David's Consequences for not Being Accountable
By: Jeffery Reed | 26/07/2008 | AdviceKing David was a man after God's own heart, but he sinned and had to pay the consequences although he finally repented. The lessons apply to us today
More Consequences for King David. Don't Compound a Problem by Continuing to Sin
By: Jeffery Reed | 26/07/2008 | AdviceIf you make a mistake, stop the damages. Don't try to cover it up and do more harm for yourself. The story of King David.