Comments on: How To Buy a Bank Owned Foreclosure (aka REO) In 4 Easy Steps

By: Las Vegas Foreclosures

Las Vegas Foreclosures — Wed, 19 Oct 2011 17:25:00 +0000

relevant post for today’s investor. I would also encourage people to find a realtor who work with bank REO bank owned homes, to get the best deals available in area.

By: How to Buy a REO, Foreclosure Or Bank Owned Property? » Nona Mills

How to Buy a REO, Foreclosure Or Bank Owned Property? » Nona Mills — Thu, 27 Jan 2011 15:32:34 +0000

[...] How To Buy a How To Buy a Bank Owned Foreclosure (aka REO) In 4 Easy Steps. by Norman on January … how to buy an, how to buy bank owned property, how to buy foreclosures [...]

By: vickiwashington

vickiwashington — Tue, 29 Dec 2009 03:33:49 +0000

I am interested in a property located at 60 wildwood Street in Oakland. My telephone # is 510-847-0631.
Is there a lease option available on this property. Is there any other sale/rental option on this property?

By: vickiwashington

vickiwashington — Mon, 28 Dec 2009 19:33:49 +0000

By: Laura

Laura — Mon, 06 Apr 2009 15:06:11 +0000

I am considering purchasing an REO home and read online somewhere that it is best to contact the bank/lender directly than to purchase through a realtor. Is it better to go directly through the bank or to use an agent to help?

Thanks.

By: Lucy

Lucy — Wed, 22 Oct 2008 22:10:11 +0000

I put an offer in to buy an REO and it’s been a week now. The property in question is no longer in the MLS. It was taken off the market just after 5 days of being in the MLS. I placed my bid while the listing was still active. Why hasn’t the bank responded to my offer or should I assume it was rejected and move on?

By: Jessica Swesey

Jessica Swesey — Thu, 17 Jan 2008 23:22:05 +0000

Thanks Norman and Andy! Great blog guys!

By: Andy

Andy — Wed, 16 Jan 2008 22:20:41 +0000

Hi Jessica- When we do the REOs, we deal with a servicing company rather than the bank & it all depends on which particular company, but we’ve generally found them to be quite responsive and eager to get things moving along.

Short sales on the other hand are absolute nightmares. Most buyers end up walking before the bank gets around to making a decision on the submitted packages. They are doable, but buyers need to be aware of the often lengthy timeline involved.

By: Norman

Norman — Wed, 16 Jan 2008 22:18:47 +0000

Hey Dick,

Thanks for stopping by and the kind words.

Hi Jessica,

Banks holding REOs are pretty easy to deal with. Typically, the property is listed through an agent who may have an asset management company between them and the actual lender. In this case, you can make an offer through your agent or the listing agent and receive a response in a day or two.

Short sales are entirely different and much more difficult. Banks require proof of hardship in order to consider allowing a short sale. This usually requires extensive document gathering from the distressed homeowner, followed by a lengthy 2-3 month review period from the bank with no guarantee that the short sale will be approved. This doesn’t mean short sales aren’t worth pursuing, just be prepared to wait for answers and create a system to deal with banks.

I’ve heard a couple of rumors that banks are trying to streamline the short sale proccess but I doubt it will ever be as straight forward as bank owned forclosures.

By: Jessica Swesey

Jessica Swesey — Wed, 16 Jan 2008 19:47:29 +0000

What are the banks like to deal with on these REO deals? I ask because I’ve been hearing agents say they want desperately to work with banks and buyers on these deals but they have a lot of trouble getting through. I’m sure this must vary from bank to bank and region to region, but I wonder whether banks are more streamlined or are ramping up to make the process more streamlined? Just curious.