This site lists several properties as REO. What is the process for purchasing these types of properties?

Mtl
Home Buyer
45324

Answers (3)
Richard Lecinski
Agent
Oro Valley, AZ

There are many web sites that sell that information. However I have found in many cases it is outdated information. The best way is work with a Realtor you trust and he can get you everything free and up to date from your local MLS.
Remember all REO's are not always a good deal. So you and your Realtor should do your homework.

Fri Oct 16 2009, 09:46
Tj Roberts,real...
Agent
43221

You have ur Realtor(if you have one) show you so you can see what work is needed,etc...the process is the same just usually better deals? if you are trying to buy and abtain the 8k tx credit,? if deed isnt recorded you wont make the nov 30th.for they are 8wks or so behind,they are always "AS IS" keep me posted Mtl

Fri Oct 16 2009, 09:42
Mark Ryan
Broker
Dayton, OH
FIRST ANSWER

Mtl,

Buying bank owned or REO properties is a bit different than other transactions... If you want to give me a call we will walk you through the process and help you make any purchase you like.

Basically it is the same process... make an offer, bank either accepts or counters. Do inspections and appraisal, etc... then move to closing. The difference come in HOW the bank works and the extra forms and contracts they use... There are also other issues like tile issues, utilities etc...

Work with an agent that does this often and they can keep the "problems" to a minimum but with REO properties there are almost always some "bumps in the road"... you get a good deal but with that comes some head ache...

Hope that was some help... that was just a pretty broad question...

Thanks,

Mark
937-353-4600

Fri Oct 16 2009, 08:56

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