BEST ANSWER
Hey Buyer,
I have first hand knowledge of this property you have inquired about. I have visited this home with other buyers and if you have been by you already know that his home has severe damage & has been basically disassembled, it is listed with an REO broker & I suggest you acquire buyer representation, for many reasons but specifically on REO's because there are more hoops & more complicated addenda involved in these transactions, remember the fee for your representation is pre-determined and will be paid by the seller regardless of who you select. Also, the listing brokers on REO's usually have most of their resources dedicated to the listing, pre-listing, managing and repairing their many bank owned properties, so much so that you should want your own agent to assist in this type of transaction.
This property is in such a condition that the selling bank is not likely looking for any other offer than CASH, as no traditional lender would pass off an appraisal and fund a mortgage for a home that is truly non occupy-able. This property needs many things replaced, it has no cabinetry (kitchen or baths), sinks, toilets, it is missing interior doors, light fixtures, windows ect ect. The folks who looted this house even took the 5 gold plated numbers off the front of the house.
This rehab is like building half a house all over again.
The selling lender is not going to deal with you directly or give you any extra time to sell your existing home, nor will they repair or allow you to repair this home to meet those other finance standards.
If you want to find good deals on REO's you have to be prepared, you should be working with an agent who is familiar with the inventory, who is monitoring the many sources of bank owned homes and can get you into them fast once they are "Active", many buyers, both investors & regular home shoppers are on the look our for these homes. you need to get in early with a good offer including your supporting documentation, most sellers will pay for some repairs or drop their already low price a bit if you can prove your reasons & and perform quickly.
They will not even look at your offers if it is contingent to the sell of an existing home...
However if you can get a contract on your existing house with cooperating buyers on that transaction it can be worked out.
Here are just two examples of my REO successes in recent months...
http://www.nowshowingutah.com/mydata/files/REO_Sales_801-916…
if you have more detailed questions please write them here or contact me directly.
Good Luck! -Kris
Kris Furrow - Associate Broker
RealEstate.com Realtors® 2455 East Parley's Way #215
Salt Lake City Utah, 84109 Office:801.467.6688
Direct:801.916.0815 Fax:801.736.9288
Email: Kris@NOWShowingUTAH.com
Twitter: @NOWShowingUTAH
Wed Sep 23 2009, 10:23
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