Hi, Veronica. On the other hand, an REO can be a diamond in the rough! REOs can be good buys, but you must have all the inspections done and don't let anything slide by. You can offer whatever you want to. These homes that have been on the market for over 100 days are more likely to look at a lowball offer than one fresh on the market.

Let me know if I can be of assistance!

Hello Veronica,

Most REOs have the AS IS clause which make them far more risky a purchase. The seller, who in this case is the bank makes no representation as to the soundness of the construction or if there are any material defects with the home. In other words you could be buying a "money pit".

If you are seriously considering the purchase of an REO or Bank Owned property you most definitely need the assistance and knowledge of a licensed REALTOR AND a licensed home inspector. I am happy to assist you and can refer you to a real estate agent who is LOCAL to El Monte/Baldwin Park area. That is the best way to find out about the area and any other issues that the REO owner won't be able to tell you.

Please feel free to contact me via my website below!

Sincerely,

Maggie Mouscardy
REALTOR
Long Beach, CA