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Dreamhome Now, Used To Be A Toxic Asset! Buying A REO?
Ah, the new wave of how to buy a house in the sea of toxic assets. Also known as someones gonna be Dreamhome. If you have yet to venture into purchasing an REO aka Bank Owned, this is what "as is" IS! You make the offer it gets accepted by the Bank aka toxic asset servicer.
 
But before you get a fully executed contract in hand the buyer will have to sign 30 pages written by a lawyer (to cover the banks a$$) and this document will basically tell you they are selling "as is" with no repairs! OK the good news is you will hire a home inspector to find out exactly what repairs will need to be done and the current state of the home.
 
The out come of the home inspection, always have one, will show what needs to be done to bring the house up to standard. When the Request for Repairs is submitted please do not be surprised when they hide behind, we will only complete repairs required by the buyers lender. And who notes these repairs? The appraiser, really he is not a home inspector and can only see the obvious. A clear ... more

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