You’ve got the funds to invest. The bank has the [tag-tec]REO’s[/tag-tec]. You want to buy. They want to sell. Time is money. You want to move fast and start work on your deals.
So how come the bank won’t return your phone calls?
And when they finally do talk to you, you think you’re not getting the absolute correct bottom line price of the properties you’re interested in.
Just like anything else, it’s all about networking. It’s who you know. Probably the number one reason why investors can not get into a bank’s door is because a relationship based on credibility has not been established yet.
The bank needs to know who you are and if you are trustworthy. But that’s true in any business transaction. Nothing new there.
But proving yourself takes time. Maybe you don’t have that kind of time or patience. What then?
Team up with a [tag-cat]realtor[/tag-cat].
Realtors have instant credibility and banks take an investor connected with a realtor much more seriously.
You can test this, but mostly the bank will call your realtor back much sooner. In other words, you’ll have someone on your team who is already on the inside.
Down time is slashed. In a business where time is money, that means money is saved.
How can you interest a realtor to work with you?
Give them a commission. Or if you decide to sell the property, give the agent the listing.
With a [tag-ice]housing[/tag-ice] market going down, many realtors may be more than willing to work with you. After all, they aren’t selling as many houses as they were during the height heyday of the last market.
Banks are an excellent source of good investment properties. With increased foreclosures they will have even more inventories. Good teamwork can save time and make money for everyone involved.