BiggerPockets

Process is the same as buying from any other seller. Find an agent, look at some properties, make an offer, haggle, get it accepted, get it inspected, get it financed, close. They're almost all listed with some agent on the MLS.

There will be an extra bunch of addendums. You usually get a Special Warranty Deed or some such rather than a General Warranty Deed. It will be a long, drawn out process to get to closing because the bank will have a hard time getting the paper work completed.

No worries about title.

Its really just an ordinary transaction.

Originally posted by Wheatie

It will be a long, drawn out process to get to closing because the bank will have a hard time getting the paper work completed.

Thanks. I put an offer on an REO about 2 weeks ago. They countered immediately with 4 items including a $100 day penalty if closing didn't occur on the closing date.
I thought they meant because _I_ may not be able to get the money. So they want me to pay them for being slow.

Would it do me any good to counter minus any penalty?
ofgift

I just closed on a reo. It didnt take too long but Ive heard of banks making people wait forever. I did have to wait a few weeks for them to sign one of the addendums

Here in Vegas, the banks will generally take in a bunch of offers and then say:"we have multiple offers.. we will accept best and highest offer" I was offering under list at first but I wasnt even getting a response.

The banks also have you sign a "waiver of NRS Chapter 133 rights" (they cant legally force you to sign it but it is a deal killer if you dont).. pretty much says you understand the property is being purchased "as is." They also repeat that like 50 times in the contracts and addendums.

Now Im looking to get into bulk REO deals.. Anyone know where to get more info (besides an expensive seminar)?

most of the people in the REO forums are realtors with no clue who think they can make big bucks!