Property Q&A in Inglewood>Question Details

Sherry, Home Buyer in Los Angeles, CA

How does an REO deal work?

Asked by Sherry, Los Angeles, CA Thu Mar 12, 2009

A lot of listings say that it is an REO and the listed price is very low; is this the price I pay or do I carry the rest of the morgage on the property? Please explain. Thank you.
Sherry
sherintaha@yahoo.com

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This question is about this property: http://www.trulia.com/foreclosure/2004041874--Armitage-Ave-I…

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Hi Sherry,
An REO works just like a normal sale. The listing price is the asking price. That said, some listing agents list the property at an extremely low price to get a bidding war going. I have represented clients who have purchased REO properties below asking price and some who have been out bid when offering full listing price. Each deal is different. REO properties do offer an opportunity to get a great deal. Make sure you use an agent that has some REO experience.
Good luck,
Walter
0 votes Thank Flag Link Thu Mar 12, 2009
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