Question removed

Asked by Reneelove, Metairie, LA Fri May 15, 2009

This question was removed by its author.

Answers

6
Daniel, , Baton Rouge, LA
Sun May 17, 2009
fire your realtor

If you dont know the difference between an reo and a foreclosure, your so called realtor has no clue

this is real estate 101
0 votes
Reneelove, Home Buyer, Metairie, LA
Sun May 17, 2009
My realtor told me this because that is what the selling realtor told her.
0 votes
Daniel, , Baton Rouge, LA
Sun May 17, 2009
The only way that a homeowner no longer has a say is when he no longer ownes the property.

If you are usiing a realtor at this stage, FIRE HIM! Cause he has no clue!

Since you again have mentioned auction and homeowner, It is my guess that the house was facing foreclosure, auction suspended while in under contract, contract fell apart and that another auction is soon..

The bank has not acepted your probable "short sale" offer, is that the bank is trying to squeaze a refi, loan modification or other settlement from the owner.

Who told you that you made the offer directly to the lender??
0 votes
Reneelove, Home Buyer, Metairie, LA
Sat May 16, 2009
Through research on foreclosure, auction, short sale, and REO, I've come to understand the difference, but, honestly, with the information I have on the house, I don't know which category the house falls under.

This is what I've been told:

I am making an offer directly to the lender and that the "homeowner" no longer has a say on what is going on. The house already went to auction once before but was taken back by the "homeowner." The auction that was stopped was actually the second auction on the house. Honestly, I don't know exactly what is up with the house; I'm just relying on what my realtor has told me.

We have made an all cash offer with no other offers ever coming in, and the house has been on the market for 17 months.
0 votes
Daniel, , Baton Rouge, LA
Fri May 15, 2009
OK, lets back up

You did not make on offer on a REO (bank owned property)

You made an offer on a private home facing foreclosure. The Bank may have delayed the auction as to allow the home owner to refi, or present their own buyer.


Once a house has been taken back by the bank, the REO (bank owned) property will usually sell quickly at a slight reduced price
0 votes
Dana Schuster, Agent, Slidell, LA
Fri May 15, 2009
Your realtor prbably has her hands tied. REOs move at the speed of molasses. i have known one to take 7 mos. for a response.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more