Home Buying in Cordova>Question Details

Ebony Love, Home Buyer in Cordova, TN

What are the advantages to buying a bank owned property through the seller's bank? The seller is offering 0 down & O closing with full price

Asked by Ebony Love, Cordova, TN Fri Feb 26, 2010


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David Lang’s answer
I think I understand what you are asking. A bank who is selling one of their foreclosure (REO) properties is offering financing (if you go through them for the financing) of zero down and zero closing costs. This could be a good deal if the asking price is fairly close to market value. Have your Realtor do a little research to see what has sold recently similar to this home. If the market value is within 5% of the asking price (not having to pay the closing costs is worth 3% to 6%) is would seem to be a good deal.

David Lang
Keller Williams Realty

0 votes Thank Flag Link Fri Feb 26, 2010
You're mixing 2 different things: 1) a REO (or bank owned property), and 2) a non-bank-owned property (which could be a normal sale, short-sale, or otherwise).

When dealing with REOs, the SELLER is the bank. So there'd be no seller's bank involved with a REO sale.

So are you asking a question about REOs or seller financing?
0 votes Thank Flag Link Fri Feb 26, 2010
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