Posted by michaela-CA on February 29, 2008 at 20:19:43:
no. A shortsale happens when the property is still owned by someone. An REO is a property that has gone through foreclosure and the Bank ended up taking it back.
Michaela
? regarding REO offers - Posted by Ron
Posted by Ron on February 29, 2008 at 20:08:58:
Do REO deals fall into the category of short sales, if you make a low offer.
Re: ? regarding REO offers - Posted by Rich-CA
Posted by Rich-CA on March 01, 2008 at 21:05:23:
You can still make an offer below asking price. Some banks are willing to consider offers that let them get back some of their losses yet unload the property. Others are such a pain you wonder if the house will be destroyed by termites before anyone shows an interest in working with them. Ask someone who deals with a lot of REOs in your area as different banks develop reputations and that can help you decide if its worthwhile.