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WHY DO OWNER BANKS AND LISTING AGENTS MAKE IT SO HARD TO BUY A FORECLOSURE?
DO REO BANK OWNERS READ LISTING REPORTS?DO REO LISTING AGENTS WANT CO-OP SALES?WHY DO THEY MAKE IT SO HARD? I'm previewing a selection of bank owned potential FHA 203(k) properties today. A smart buyer couple is interested in buying a property that would offer INSTANT EQUITY with FHA 203(k) financing. The first place I go for 203(k) buyers is to the available REO properties. First of all, to the owner/seller, these properties are not homes. The properties are "inventory" and discounted, often significantly from market. Also, I have a relationship with a loan officer who plays the FHA 203(k) loan like Itzhak Perlman plays the violin. Step 1. Previewing the properties is usually easy. Step 2. Showing the properties is usually easy too.Step 3. Making an offer. . . NOT SO EASY. JUMP THROUGH HOOPS. That's what some sellers and their listing agents require of a buyer to just make an offer. INSTRUCTIONS FOUND IN LISTING REPORTS THIS A.M.SUBMIT OFFERS TO: WWW . XXX . com.Buyers must be submitted to a web site URL.Buyers must be pre-approved by XYZ Mortgage Company listed in the MLS listing report.Offers must be accompanied by earnest money in a Cashiers Check made out to the listing broker.Buyers are responsible for utilities ... more
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