RE: Link

Armand - I have to say that I take serious issue with your saying that ForeclosureRadar has ever claimed anyone can buy a foreclosure for pennies on the dollar. If you had ever visited our website, my Blog, our forums at ForeclosureTruth.com, read my posts at Inman.com, seen me on the news or heard me speak you'd know that not only does ForeclosureRadar not make those claims, we actively work to set the record straight.

I've personally purchased more than 150 foreclosures, but even with all my experience I have rarely bought a home for 50 cents on the dollar as other foreclosure services claim anyone can do.

Clearly you are frustrated with the REO process. We are working hard to provide greater transparency to the process and make it easier for Realtors(R) and the other professionals we serve to do business in this market. Unfortunately we can't control the lenders actions, but we are doing our best to help.

Having recently purchased an REO, I will say that the terms of the offer are VERY important as you suggest. But that has always been the case. When the market was hot, sellers would often pick the best offer not only on price, but on contingencies, the quality of loan approval, and other offer terms - that is just good business sense.

My suggestion to buyers who are having trouble getting their offer accepted - find an agent with experience representing buyers in REO purchases, they'll know how to submit a good offer.

Best Regards,
Sean O'Toole
ForeclosureRadar.com
ForeclosureTruth.com

Very good point...there are a lot of agents out there that are clueless when it comes to REO's and short sales. Working with someone who knows how to close one is VERY important. Also make sure you choose a good loan rep! Makes a world of difference.

Hi Sean,

Thanks for reading the article, I'm glad we agree on a couple points:

1) That even if you are a savvy buyer, the best way to negotiate a reasonable price or even get your offer accepted on an REO is to use a Real Estate agent. As you're the founder of a couple national websites on foreclosure information you'd probably be as savvy as any investor, great to hear that you still recommend using a professional.

2) That as you've found in your experience in buying over 150 foreclosures, you'll rarely see a home for "50 cents on the dollar".

I've been a member of your site for a few months now and have used it as an informational tool in my business as a Realtor. You've done a nice job, drop by my blog if you'd like to see my full opinion.

Take care,

Armand Ramirez
Realtor
[URL=http://www.aument-ramirez.com ]www.Aument-Ramirez.com[/URL] Link