In this video, Rob Swanson explains why the formula for determining the MAXIMUM price you can pay for a bank owned, REO, bank repossessed or any listed house has NOTHING to do with the LIST PRICE.
Why? Because the listing agent “might” list the house too high, might list the house too low or might list the price “just right”. It kind of reminds me of the story I used to tell my kids about the 3 bears and the porridge.
Here’s what matters: (1) what is the house worth “fixed up” (2) what will it cost you to fix it up and (3) what profit margin do you want. That’s it. Listed price doesn’t matter. Stay tuned and I’ll give you a greater detailed example of why and how all this works on an upcoming post. Cheers.
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