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Updated about 5 years ago on . Most recent reply

Aaron Kennedy's profile image
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Aaron Kennedy
  • from Los Angeles, CA
  • Member since Jan 14, 2020
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Aaron Kennedy
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Aaron Kennedy
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New Member Introductions

buying a foreclosure or REO property with FHA loan in Los Angeles

Aaron Kennedy
  • Los Angeles, CA
Posted

HI, I'm looking to buy my first home and I've been told that it will be impossible to purchase an REO property with FHA because all of these properties sell to cash buyers. Are there properties that the banks have owned for several months and haven't sold? Wouldn't these be more likely to sell to someone like myself?

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Nabil Suleiman
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  • from Los Angeles, CA
  • Member since May 21, 2016
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Nabil Suleiman
  • Real Estate Agent
  • from Los Angeles, CA
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Nabil Suleiman
  • Real Estate Agent
  • Los Angeles, CA
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Nabil Suleiman
  • Real Estate Agent
  • Los Angeles, CA
Replied

@Aaron Kennedy

Short answer is no. Sorry man, the REO market is not what it use to be 10 years ago, and majority of these things are sold at auction to cash buyers.

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