REO Home Violations
I noticed a house the I was interested in submitting an offer dropped form $234,000 to $199,000 in one month. Comparable fixed up homes in the area go for $430k. So I thought I could flip this to another investor by asking the bank for $150k, and double closing for $180k. But, the home has major repairs, and I just found out that the home has violations on it, whick the bank expects the seller to pay. I thought the bank had to pay sine they now "own" the property? No wonder all the deals on this house fell through. I think I should pass since I don't know how to fix this or even have the money to pay for these violations.