Any way to motivate a bank on a REO?

3 Replies

Hey all,

There is a home in my area that has been vacant for about 1.5 years now. It's in a good neighborhood, and definitely has potential to fix up. Don't think it's in livable condition currently.

Realtor sign has been in the yard for over a year too, but realtor says it's not available yet, and doesn't know when. 

Doesn't seem like anyone is really in a hurry to move this thing, all the while it's deteriorating. I did mention to the realtor how bad it was looking (it's next door to my friends house), and he called me and said I must have said something as they sent a crew to mow the 3ft grass and weeds.

Anything I can do to push this, or am I just playing hurry up and wait?

Have the realtor to submit your offer to the bank, and if it is not a low-ball offer, you might get the bank to sell to you. Show the realtor your bank statement so the realtor will take you serious.

Joe Gore

Thanks Joe,

Hard to estimate a good price on it, as there are no inside pictures and the realtor said the bank wouldn't allow a showing inside. I've looked in the windows and have seen a room without a partial ceiling, and no kitchen appliances, but have no idea about what the other rooms hold. Could be a 20k flip, could be a 50k flip . . .

The exterior has a 8" diameter hole on the outside that has been open to the elements and leads to space between the interior and exterior walls for what is assume is the whole 1.5 years, so no telling what water, mold, creatures have infiltrated. 

Was really hoping to get a walk-through so I could walk a GC through there and get a better estimate on repairs (and a better sense of what works and doesn't). 

Ask the agent what the delay is.  Probably a title or defective foreclosure issue.

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