Posted by Tom Bujnowski on July 18, 2002 at 15:42:32:
AS you said the lender is probably in the process of evicting the tenants. When I buy REO’s the tenants are already out of the property.
My suggestion is to work your numbers. If the property makes sense buy it.
Has the REO realtor already put the house on the market or has the sale occurred, nobody bid and now it just went back to the lender
Good luck,
Tom B.
REO still occupied - Posted by Maria (CA)
Posted by Maria (CA) on July 18, 2002 at 12:36:11:
I drove by a property in my area which recently became an REO (= no equity). I noticed that there are still people living in the property.
I am assuming the lender is going through the “eviction” process? I am assuming this could take months (yes, I am in California). When making an offer to the lender would you tell the lender you have taken this into consideration, i.e., the possible time and expense of removing the former owners thus the “low ball” offer?