Bank owned property

2 Replies

:woohoo:

Hi everbody! My name is Dee and I live in Detroit,MI. I'm a newbie so be patient with me.

I found a property that is Bank owned that is listed by a real estate company that I would like to rehab and flip. The property is listed for $131.900.00. (market value). The property needs repair (not much aprox. 10,000). I spoke with the listing agent and will view the inside this Thursday.

I don't want to look stupid going in. Since the property is bank owned, how would I go about purchasing the property for a good price?

I know the person who had the property before the bank took over. He wanted $100,000 to get from under the load. His father owned the home but passed.

Any info will be appreciated.

I'm pretty sure you have very little flexibility when making offers on REO properties. Go to the Bank REO page on the site and go to one of the banks' pages. Look up a property and contact the listed agent. Ask a few agents who specialize in REOs and I'm sure you'll get your answer. Its too bad we don't have any REO experts here yet. I think I'll PM biggerpo and see if he can recruit some.

:goofy: