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At, Home Buyer in 33428

reo properties is there more than 1 offer the first is rejected will the other person get it?

Asked by At, 33428 Wed Jul 2, 2008

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I'm assuming that you mean a sale at an auction. There is usually a minimum "reserve" price required. So if the second offer must be above the reserve. Quite often, the amount due on the loan is more than the reserve, so the auction fails and the property goes back to the lender (usually a bank). Then it is technically a 'REO' property. The lender will then get put the property up for sale and all offers are negotiated.
0 votes Thank Flag Link Wed Jul 2, 2008
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