REOs by Banks - Posted by ~SCA~

Posted by Kristy-AZ on April 16, 2003 at 24:00:37:

Steve,

REO’s usually will not allow you to assign your contract. However, if you buy the property and then resell it, that’s fine, you just have to pay for 2 closings.

Banks usually don’t care what you do with it After you have purchased it from them. But that is how it is here. Also, the banks tend to sell their properties for only 10% below market here. And people are buying them like crazy.

But like I said every area is different. REO’s are tuff here, but we have bought a few. I make sure my offer is first and usually close to their asking price, if I feel the return is worth it. We only get 1 or 2 a year. (REO’s that is)

Kristy-AZ

REOs by Banks - Posted by ~SCA~

Posted by ~SCA~ on April 15, 2003 at 08:11:57:

Any way to flip a bank held REO fixer upper? 25% equity in it. If not are banks usually flexable with their asking price?

Thanks
SCA