{"id":25818,"date":"2021-08-16T13:25:20","date_gmt":"2021-08-16T20:25:20","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=25818"},"modified":"2021-08-16T13:25:20","modified_gmt":"2021-08-16T20:25:20","slug":"buyer-buying-reo-homes","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-buying-reo-homes\/","title":{"rendered":"Buying REO Homes? Here\u2019s What to Do \u2014 And What Not to Do \u2014 According to Experts"},"content":{"rendered":"

In the market for a \u201creal estate owned\u201d property<\/a>? REOs for short, these kinds of sales expose buyers to a lot of potential risk. But they also provide a lot<\/i> of opportunity for big return on investment, too \u2014 much bigger, and faster, than you might expect with many traditional sales.<\/p>\n

Experienced REO buyers swear by this method of wealth-building through real estate. \u201cOne of the best lessons I have learned over the years from other investors is that you don’t find<\/i> deals, you make<\/i> them,\u201d explains Mark Motes, a real estate investor at Mark Buys Houses<\/a>, who buys fixer-upper properties in the Birmingham, Alabama, market with a team of local experts.<\/p>\n

\u201cThere is never a perfect investment situation. It is your skill as an investor to make educated decisions about your investment decisions.\u201d<\/p>\n

So how can you develop that skill that makes the pros so confident \u2014\u00a0and drives major return on investment? Start here: This primer on buying REO homes is packed with advice from seasoned experts with many successful transactions (and a few not-so-successful ones) under their belts.<\/p>\n

\"A<\/a>
Source: (Andre W. Nguyen \/ Unsplash)<\/figcaption><\/figure>\n

What is an REO sale?<\/h2>\n

These are properties that have been foreclosed<\/a>, and the ownership has fully transferred to the bank or lender. Properties get to this point after the borrower stops making mortgage payments for a period of time. At that point, the property is then foreclosed<\/a>, and the house goes up for auction<\/a> and is sold to the highest bidder.<\/p>\n

If it sells, the lender recoups some of the outstanding loan amount through the sale. If not, ownership passes to the lender, and the house becomes an REO property.<\/p>\n

But lenders would rather recoup their money than own a house. So if it doesn\u2019t sell at foreclosure, the lender will list it on the market, a process that might include removing liens on the property<\/a>, evicting any occupants, and possibly making necessary repairs to ensure the house is livable.<\/p>\n

Finding REO homes: How the experts do it<\/h2>\n

You can look for these homes on the multiple listing service (MLS)<\/a> or on various auction sites. Check them often.<\/p>\n

\u201cIn this business, there is a saying: Old data is bad data,\u201d Motes says. \u201cSo making sure your data sources are current is crucial to finding these properties.\u201d<\/p>\n

There are online tips and tools available to help you find bank-owned homes<\/a>. But the best, most personalized and local way is to connect with a real estate agent<\/a> in your area who has helped other buyers looking for this type of property.<\/p>\n

\u201cMost REOs are sold on the MLS,\u201d explains Todd Miller, who worked in mortgage banking for over a decade, has purchased several REO homes, and now runs the personal finance website TightwadTodd.com<\/a>. \u201cHowever, some brokers have the exclusive listing of these properties with the owner. So find out who is listing the current REOs and work on developing a relationship with this person or company.\u201d<\/p>\n

Grant Wydeven<\/a>, a 25-year old investor who has already purchased multiple REO and wholesale properties, suggests people seeking to buy REOs might join a local real estate investing group and meet with property wholesalers. \u201cGet on their email list, and soon you’ll be getting multiple emails a week about great as-is properties,\u201d he says.<\/p>\n

Andrew Ervin, founder of Maxsin Investment Group<\/a>, which buys several REO homes a month, suggests doing the extra legwork to find homes like this before the bank even gets custody of them, if possible. \u201cGo to your county’s office and ask for the pre-foreclosure list<\/a>,\u201d he says. \u201cReach out to people on the list, and give them an offer!\u201d<\/p>\n

Will buying an REO home be a good investment?<\/h2>\n

To figure out whether a property is worth it to you, first establish what you intend to do with it: Do you intend to live in it, flip it, or hold it as a rental property? What will it cost to renovate it so you command either market rent or a sale at a price that represents a margin you\u2019re comfortable with? Alternatively, Miller says, \u201cIf you’re planning to live in the home, you’ll need to determine the amount of equity<\/a> you’ll want to have created from restoring it.\u201d<\/p>\n

From there, you\u2019ll obviously want to look at the list price as a factor. But that\u2019s only part of it.<\/p>\n

\u201cThe second and really most important thing is you bring a contractor in with you to find out the cost of the repairs,\u201d explains Joseph Baylis<\/a>, a top-selling agent in the Trenton<\/a>, New Jersey, area who has significant experience in short sales and REOs, and who specializes in dealing with investors.<\/p>\n

\u201cYou add those two together, you get a licensed Realtor\u24c7 that you know and trust to let you know the after-repair value (ARV). Then you calculate your carrying costs, your commission on your exit, and you make sure that you have a comfortable profit that makes sense for you.\u201d<\/p>\n

Baylis says that the rule of thumb in his area is to feel confident you can clear at least $30,000. \u201cThat\u2019s the minimum profit that you’d wanna make on a flip,\u201d he says.<\/p>\n

He cites an example of a $200,000 purchase that needs $50,000 in repairs, plus carrying and commission costs of about $30,000 \u2014 all of which adds up to $280,000. \u201cYou better make sure that you can clear $310,000 [on the sale] or it\u2019s not worth it.\u201d<\/p>\n

While all investors are looking for return on investment, most take a similar approach, slightly varying their target ROI: For Motes, he\u2019s looking to see if he can purchase the property for a maximum of 80% of the ARV, minus the rehab costs. \u201cThat gives us some breathing room for closing costs, holding costs, and selling costs, while still having the ability to make a reasonable ROI,\u201d he says.<\/p>\n

Ervin puts it similarly: \u201cThe best way to get a good deal on a banked-owned house is to do your due diligence and over-budget your rehab cost\u2026 because you never know what you’ll run into.\u201d<\/p>\n

To that end, his team comes up with an estimated repair budget \u2014\u00a0and sets it on the higher end, \u201cso we have a little wiggle room if we missed any repair cost.\u201d They calculate the square footage<\/a> of the home, then multiply that figure by the cost needed for light, medium, or heavy rehab. In his estimates for his area, light rehab costs about $15 per square foot, medium costs $30 to $35, and heavy $45.<\/p>\n

In the end, they settle on an offer that is lower than what they\u2019ll really pay, in order to leave room for a counteroffer from the bank.<\/p>\n

His pro tip? Never go over your maximum allowable offer in a bidding war<\/a> unless you are an experienced investor with your own contractors, or if you plan on doing most of the rehab yourself.<\/p>\n

\u201cLearn how to walk away and go find the next deal \u2014 there are plenty out there,\u201d he says.<\/p>\n

\"A<\/a>
Source: ( Carlos Gil \/ Unsplash)<\/figcaption><\/figure>\n

Potential pitfalls of buying REO homes<\/h2>\n

These homes are sold as-is, and in many cases, the ROI comes from the fix-up. But you need to do your legwork to confirm that the neighborhood comps<\/a> support your purchase, and that the home isn\u2019t a clunker that could cost you way more than its earning potential.<\/p>\n

\u201cI’ve had some that I’ve sold that needed very, very little. The investor made a lot of money, and they were very happy, and then they came back for more,\u201d Baylis says. But the deals don\u2019t always go like that.<\/p>\n

\u201cI sold one to a good friend who wanted to get started in real estate but was inexperienced,\u201d he recalls. \u201cIt was over an hour away from where he lived. It took him a lot longer than it should’ve. He made lots of mistakes along the way, and he ended up losing money when he sold it. And that was painful, because he was a personal friend of mine.\u201d<\/p>\n

Plus, consider all the possible hidden issues with REOs, and understand that you may not get a detailed, accurate seller\u2019s disclosure because the bank doesn\u2019t necessarily know much about the property\u2019s condition.<\/p>\n

For example, Baylis says, \u201cI often run into underground oil tanks that weren\u2019t disclosed. If there\u2019s an underground storage tank that leaks, it\u2019s a huge issue because the EPA gets involved, the state gets involved, and you have to have a licensed contractor dig up the tank. Typically, that\u2019s $5,000 to $10,000 but I’ve seen it go $2 to $3 million because any seepage has to be cleaned up.\u201d<\/p>\n

Bottom line, he says: \u201cIf you’re buying a house with an underground tank and you’re not doing any testing, you\u2019re really rolling the dice.\u201d<\/p>\n

Another issue that can happen with an REO? Squatters.<\/p>\n

\u201cSometimes they\u2019re actually the previous owner who never left and doesn’t have rights to the house now,\u201d Baylis says. \u201cOr people see that the house is vacant for years, and they move into it, sometimes even turning on utilities in their name and living rent-free for years.”<\/p>\n

When that happens, the police aren\u2019t the solution, Baylis says, because law enforcement considers it a \u201clandlord-tenant issue.\u201d So an REO buyer might be in a position to have to evict a squatter after purchase \u2014 and consider that there\u2019s been a longstanding eviction moratorium due to COVID.<\/p>\n

And even when you do<\/i> manage to evict a squatter, Baylis says, \u201cThey might destroy the place on the way out.\u201d So you might very well be much happier purchasing an REO home without a squatter problem.<\/p>\n

In summary, there\u2019s a lot<\/i> of risk exposure to a buyer when there\u2019s no disclosure.<\/p>\n

\"Two<\/a>
Source: (Christina @ wocintechchat.com \/ Unsplash)<\/figcaption><\/figure>\n

Working with the bank on buying an REO property<\/h2>\n

Remember that working with a bank<\/a> is much different than buying from an individual, as you would with a traditional sale. \u201cYou’re having to go through a lot of protocol and bureaucracy that [you wouldn\u2019t with] an individual seller,\u201d Motes says.<\/p>\n

Indeed, patience is key \u2014 because working with a bank can slow down the whole process in a major way. \u201cThe bank controls every aspect of the transaction,\u201d Miller says. \u201cThey determine how fast the process moves, when you’ll close, and often which attorney will close the transaction. Buyers who buy REOs are at the complete mercy of the banks who own them.\u201d<\/p>\n

To that end, he had an REO purchase that took six months to close. \u201cI complied with their every wish within hours of receiving it, and since they dragged their feet for so long, they re-negotiated the purchase price with me,\u201d he says. \u201cAnd not to my benefit!\u201d<\/p>\n

Baylis describes another common issue he encounters when working with the banks on REO<\/a>s: For an REO, the buyer typically comes with cash or has at least 20% down. \u201cBut let’s say an REO is listed at $200,000, and somebody has a preapproval from their lender for a purchase for $200,000,\u201d he says. \u201cThey don’t realize that that’s for a house that they\u2019re going to live<\/i> in. So I have people putting in new offers all the time for full price, and over full price<\/a>,\u00a0and they send me their pre-qualification<\/a> \u2014\u00a0but it says they\u2019re qualified if that house was ready to live in. Buyers don’t realize that that prequal does not allow them to buy an investment property. And that\u2019s a big problem.\u201d (For such a property, you\u2019ll need at least 20% down, or cash, or to get a rehab loan<\/a>.)<\/p>\n

Why bother buying REO homes? This is why<\/h2>\n

Does all of this sound like a lot of potential for drama? Well, that\u2019s a logical interpretation, because there are<\/i> a lot of potential pitfalls and headaches involved with this type of sale. And there\u2019s certainly no guarantee of success.<\/p>\n

But savvy investors say it’s well worth the risks and effort as a way to build personal wealth through real estate.<\/p>\n

\u201cBuying rental properties listed on the open market with conventional financing is way too slow,\u201d says Wydeven, the 25-year-old real estate investor. \u201cUnless you can save $30,000 to $50,000 a year for a down payment, you’ll be old by the time you’ve amassed a sizable portfolio. It’s all about getting creative with finding and financing properties!\u201d<\/p>\n

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