REO PROPERTY

5 Replies

Good Morning everyone,

I have a question where I am trying to help my dad. So we have some cheap REO properties in Alabama and he mentioned he will like to purchase one. The thing is they are asking the buyer to sign an agreement to stay in the house a year before they actually sell it or rent it. How do a person go buy getting pass this if they really want to rent it out.

@Latravis Brazil , "he who owns the property, makes the rules". There is no LEGITIMATE "getting past" (unless you can get them to change them).

How can you help your Dad, if all he is looking to do is circumvent Bank rules to make money, when it's the Bank's job to stop both of you from doing so?

My opinion: best to look for OTHER deals out there. Find Sellers who are really motivated to sell, but who don't owe the Banks more than its worth to you.