Foreclosure in 44111>Question Details

Debbie, Other/Just Looking in Cleveland, OH

If a bank has already bought back a foreclused home how do I go about purchasing the home. The county

Asked by Debbie, Cleveland, OH Sun Aug 24, 2008

records show it was purchased for 40000.00. Will the reo dept. give me that price or should I bid higher. Also, is it my respon. to check for liens and back taxes, utility etc.?

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Mary Starkey’s answer
Since the bank has bought it back, REO ( Real Estate Owned) the bank will ask a Real Estate agent to list the house for sale. The asking price will depend upon the appraisal or broker's opinion on price so the price may be increased. The bank also makes sure the property if free from all liens,taxes and utilities or it will not sale the property until it can issue a clear title. But, it is always a good idea to buy owner's title insurance. I suggest you find an agent to help you with the process of buying a bank owned property. You will be expected to buy it "as is".
Web Reference: http://www.marystarkey.com
0 votes Thank Flag Link Sun Aug 24, 2008
Hi Debbie...

The term is REO ... for Bank Owned properties. You have a lot of questions and I am thinking it best to find a local Realtor who is knowledgeable about these issues. Normally they do not charge a buyer for such services, as the Banks allow a commission for that purpose. Get some professional help and your search will be more productive IMHO.

Thanks for coming to Truila, where Real Estate Agents answer questions.

Emily
0 votes Thank Flag Link Sun Aug 24, 2008
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