REO Question

4 Replies

Hi everyone,

So I was wondering if people have had experience (and success) with getting an REO under contract, and if/when you find nasty surprises during your inspection period, do you find banks open to lowering the sale price based upon your findings?

I'm looking at a few now and am curious about your experiences.

Thanks!

I have been curious about this because I have read post by people claiming to get Bank Owned REOs under contract yet every time we have tried it banks have refused to take our contract and will only deal with real estate agents. 

I was an REO listing agent for a few years, and sometimes the bank will lower the contract price if new discovery is found, other times they wont. They may just kick out the contract and put it back on the market. It will depend on the bank and asset manager. No way to tell. It is just numbers to them.

Originally posted by @Aaron Crow :

I was an REO listing agent for a few years, and sometimes the bank will lower the contract price if new discovery is found, other times they wont. They may just kick out the contract and put it back on the market. It will depend on the bank and asset manager. No way to tell. It is just numbers to them.

 Thanks @Aaron Crow.  Great to know

Originally posted by @Gilbert Dominguez :

I have been curious about this because I have read post by people claiming to get Bank Owned REOs under contract yet every time we have tried it banks have refused to take our contract and will only deal with real estate agents. 

 Gilbert, I should have mentioned that I have my license.