Whoever you have been speaking with you should maybe stop. Buying a bank owned home is not hard or impossible, in fact it is pretty straight forward. Once the bank owns it and decides to list it there is not a lot of difference in buying in or Mr Jone's house. REO is a bank owned home, the bank now owns it after the foreclosure is over and they can sell it and lenders will give you a loan to buy it. You just need to speak with a lender to see if you can get a loan and then speak with a Realtor who will guide you on the way to do it.
Buying a short sale is a royal pain sometimes, but bank owned can be easy.... more
It is my understanding that an Investor has the same option period for inspections as Owner/Occupants. However, Investors Earnest Money (not Option Money) is at risk of being lost if they back out from the purchase, regardless of the inspection results.
AS-IS covers a lot.
Is there no way to convince them to do a deed-in-lieu? It would be much less expensive and much more timely. Fees can range dramatically but make sure your attorney helps you follow the letter of the law when foreclosing or you may be on the losing side of the equation big time.
As distasteful as it sounds, it is often less expensive to pay the borrower to deed the home back to you and avoid the time, energy and risks involved in foreclosing.... more
If they disagree with the BPO valuation they might order a second BPO. And if the 2nd BPO is wildly different than the 1st, they would ask the agents that did the BPO's to justify their work.
If there were title issues it is doubtful they would've requested the 2nd BPO. And if there was a sufficient time between BPO 1 and 2 (30 or more days) they would request a 2nd BPO prior to listing. So it sounds like it will be hitting the market soon.
Is the listing agent aware of your interest in the property? And are you working with a buyers agent? In most MLS systems an agent can set up an auto email for a specific property which will notify them (and their buyer) when a property hits MLS. They can receive an email in as little as a couple of hours of the home hitting MLS.... more
Way too many variables to answer this question on this forum, your Realtor should be able to professionally advise you. If you are referring to tax value, just remember, the house is listed at 115K, it is not worth 140K, it is just over valued on the amount it is taxed. You are just trying to reasonably ascertain how much less the real value is below 115K now. Trust your Realtor. If you don't have one, I would say it could be very beneficial to helping you find a real value in your home purchase.