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Updated almost 14 years ago on . Most recent reply

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42
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Patrick H.
  • Sacramento, CA
0
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42
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Should I look into an REO first?

Patrick H.
  • Sacramento, CA
Posted

I was going to stop by a few banks to get pre-qualified (or at least see what I qualify for) and talk to them about any homes they are selling.

Since REO's have potential unknown liability issues, is it more likely a "you get what you pay for" situation.

A home may have a price of $250k, but have an estimated value of $300k (based on size, age, neigborhood, etc), but that means the bank estimates there is $50k worth of liability (whether that is unknown debt or repairs).

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