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Loki, it's a fact: Some banks WILL take

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Brytex   Tuesday, 01/15/08 01:29:43 PM
Re: loki post# 186
Post # of 204 
Loki, it's a fact: Some banks WILL take less than asking price for REOs. As every bank is different in how it handles them, I can't say for sure about that 90 day rule.

I haven't been too interested in REOs in the past because you have to get a new loan to buy them. And I would rather just take over an existing loan.

But prices for the REOs are really coming down. They are usually the cheapest properties out there...at least from what I've seen in my area. Especially if these places need work. So I will probably be putting some offers in soon.

Loki, if you can get pre-approved (not just pre-qualified) for a loan, you can start putting in low offers on REO's. Something will stick and you could end up with a great deal.

bry




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