reo: Top 5 Myths of Bank Owned Properties (REO's)
- 10/21/08 05:13 AM
Top 5 Myths of Bank Owned Properties (REO's) The bank is very motivated to sell these properties. Usually they are not that motivated, typically leaving the properties on the marked for several months at a high listing price. Bank owned properties are cheaper than regular properties. The bank owned properties are usually cheaper because the condition is worse. I can easily buy a bank owned property with a low money down loan. Not really in this market. Banks are usually not willing to accept any offer unless there is a down payment of 20%. I need to talk to my local … (11 comments)
reo: Pre foreclosure Sales Tips (Los Angeles, CA)
- 03/17/08 02:47 PM
Short Sales or Pre Foreclosure Sales A pre foreclosure is when the lender agrees to accept something less than the full amount of the payoff to avert foreclosure. Most lenders have discovered that it is cheaper to have a short sale or other activity rather than letting the property come back as an asset. This is especially true when the loan amount is much greater than the value of the property. Keep in mind that when the property becomes REO (real estate owned), the lender now is responsible for the gardening, utilities, taxes, insurance, etc. For this reason, lenders are … (0 comments)
reo: Short Pay Tips (San Fernando Valley, CA Short Sale Broker)
- 03/03/08 05:08 PM
1. Always have the seller contact the asset manager to discuss a short payoff of their loan. 2. Most lenders require a signed listing agreement before they will speak with an agent. 3. Most lenders have specific requirements and may fax them to you upon request. 4. Be aware that there will be time constraint to close the escrow because the lender must approve the reduced payoff. 5. Always get everything in writing from the sellers payoff lender. 6. Some of the requirements of the asset manager may include, verification of employment, tax returns, W2's, hardship letter, financial statement, and bank … (8 comments)
Top 5 Myths of Bank Owned Properties (REO's)
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