Foreclosure in Littlerock>Question Details

Renan, Other/Just Looking in California

whats the process of buying reo properties ,normal or long?

Asked by Renan, California Mon Feb 4, 2008

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Answers

6
1) Wait
2) Wait
3) Wait more
4) Wait a little more
5) They ignore or counter your offer

I know you're wondering why I would reply that way and I definitely don't mean to be sarcastic but I would avoid them if you're pressed for time; if time is on your side then go for it.
1 vote Thank Flag Link Mon Feb 4, 2008
In my experience REO escrows are not slow. if you want a slow escrow buy a short sale.
0 votes Thank Flag Link Mon Jul 29, 2013
I have had an REO escrow go past 30 days is:

1. Buyer's lender
2. Title issues
0 votes Thank Flag Link Sun Dec 9, 2012
The three "P's" Patience, Persistence and a Pushy Buyer's Agent are required to deal with buying REO properties.

Bank REO's are bank owned properties. Now ask yourself when was the last time you found an error in your checking statement and tried to get it corrected? Hard wasn't it? Now you can better understand you're dealing with a faceless institution where your 'needs' and 'wants' are irrelevant and the process is paramount. Add to that the magnitude of paper work involved and you may begin to see the picture.

I love REO's as they offer my clients great value and with a lot less hassle and risk than a foreclosure. As an agent representing my buyer, I'm in constant contact with the listing agent pushing things along. I then keep my buyer in the loop, reducing their anxiety and about six weeks later give them a nice closing gift with a key to their new home.
0 votes Thank Flag Link Mon Feb 4, 2008
Hi Renan...I have dealt with lots of the REO companies, and for the most part,the process runs very smoothly. You can usually close escrow in 30 days or so, so there is really no extended timeframes unless there are issues raised in the inspection or other reports the buyer receives during the escrow process.
Web Reference: http://www.TerraBruns.com
0 votes Thank Flag Link Mon Feb 4, 2008
Renan -

Bank owned properties typically take longer to process through a sale because there are many layers of approval. Because there is an influx of REO properties on the market, many REO departments are overwhelmed with contracts. There are some deals to be had with these types of properties but consult with a REO Realtor expert to understand the nuances of buying one of these homes.

The property is normally sold AS IS meaning that any repairs will be passed on to you as a buyer. It is also important to have an appraisal and confirmation of clear title on the property. If you believe the house is the right deal it may very well be worth paying the home inspection fee to know about any repairs up front. This is the cost of jumping into the REO market but can also prove to be a great deal compared to the up front costs.

Good Luck,
CJ
0 votes Thank Flag Link Mon Feb 4, 2008
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