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Ask The Expert: Buying Pre-Market REO's, Out of State Escrows, Undervalued Appraisals
Q. I am looking at REO's that are not yet listed in the MLS. There is one I would love to purchase but my agent doesn't seem to be able to get information from the bank.  Are there any companies that can help to get the particular REO that I would like? A.  Yours is a question that I get asked often. The perception is that if a bank is holding a property, you should be able to go directly to them, with or without broker representation, to submit an offer, and they will be happy to receive it. That is simply not the way the R E O business works. First of all, each lender follows their own internal guidelines about how to expose their property to the market. Banks have in place relationships with R E O agents who list and market their inventory for them. It's a common misconception by agents who don't work in R E O to think that they are being given a runaround, when in fact they just simply don't know how to work within the confines of the guidelines of the lender. Your agent, and you, are wise to watch the R E ... more

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