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The Tricks and Traps of Buying bank owned REO properties - Part 4
Parts 1 and 2 of this series discussed how banks handle properties up until the foreclosure is completed. Part 3 of this series began the discussion on how banks determine values when pricing their properties and what to look for in finding great deals.
The Tricks and Traps of Buying bank owned REO properties - Part 1
The Tricks and Traps of Buying bank owned REO properties - Part 2
The Tricks and Traps of Buying bank owned REO properties - Part 3
A key thing to look for with REO properties are the ones that cannot obtain normal FHA or conventional financing because of issues with their location or condition. If a borrower cannot obtain these types of financing, then the only way to sell the property is to offer seller financing or find a cash buyer. If the bank is offering seller financing then great for them, however most banks are not offering it – they just want the property off their books. On all cash deals, the price is going to be much lower than what a regular financed buyer would pay.
By location issues I am typically talking condominiums. Many condo complexes ... more
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