| Name:
Jo
Title of Question:
buying an REO |
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Question: A realtor had an REO listed on his website. When I told him I was interested in the property as a first home, he said that it was not a good idea for a first home and that he had other things for me to look at. Why would he say something like that? Doesn't the bank want to sell this property? |
Post Your Answer To The Question Above:
Name:
Tim
| Date: September 22, 2008, 2:19 pm
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| Answer:
It is possible that this property only offers 2.5% or less to the Realtor which is why some shy away....this is the case with the property in which I submitted an offer. |
| Name:
Peter
| Date: October 12, 2008, 3:04 pm
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| Answer:
yes, the bank wants to sell the property - but you should know that REOs or - Bank Owned Real Estate is now in VERY HIGH demand. The propensity of you as a first home owner winning the bid (yes I said BID) for the home you are interested in is a low probability. Banks are not only looking for the highest price for the real estate - but also the most well qualified (best buyer) and one that is pre-approved for financing. A first time hoe buyer may be more risky for the bank, therefore, the realtor is encouraging you to buy something else. You may have good luck by going to www.bankownedrealestate.com to find many REO bargains (and perhaps a broker and bank willing to give you a shot at buying some of this deeply discounted real estate. Good Luck Mate ! |
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