Can I put an offer on a reo home that is not listed yet.?

Asked by Usermr920, Dayton, OH Wed Oct 17, 2012

The bank wants to make the repairs, however we are contractors and want to do it ourselves so we can make a few changes. The home is an reo home, but the banks listing agent has not listed the home yet.

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Laura Feghali’s answer
Laura Feghali, Agent, Stamford, CT
Wed Oct 17, 2012
Hello Usermr920,
It's been my experience that the banks with upcoming foreclosed properties will not communicate with interested buyers until the property is listed for sale.
I suggest that you keep in contact with the assigned listing agent to determine when the home will be coming on the market and inform him that you wish to submit an offer right away. That way he can communicate with you when the property becomes available for sale. Usually, the bank will perform the needed repairs before coming on the market so that may not be an option for you.

Good luck!

Laura Feghali
Prudential Connecticut Realty
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Tim Moore, Agent, Kitty Hawk, NC
Wed Oct 17, 2012
If you know who the listing agent is then you are in a good position since the bank will get the agent to do some ground work. They will be asked to value the house, get estimates, clean it and do other things needed. The agent could make a suggestion to the bank to allow your offer to be heard or to suggest the bank sell it as is and then you could make an offer. It would seem likely the bank would still allow others a time to make offers too, they will be curious to see if others out bid you.
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