How do I purchase Real Estate owned property?

Question

Will I be able to get the property for the bid price or does it typicaly cost more? Or does the bank try to sell for what the home actually is worth?

Answer 1

The lender is not in the business of owning real estate. The lender is in the business of getting their loan repaid. They are losing money on an REO, and they are losing more money every day. Getting in fast with a credible non contingency offer is more important than the best price. On the other hand, they are always sold "as is" so you need inspectors and a good buyer's agent.

Answer 2

It depends on your market, the number of properties the bank is holding, and how the potential benefit for the bank. The bank will sell an REO at as close to the retail price as possible. However, the bank does not want to tie up its capital for a long time. Usually the negotiation with the bank goes back and forth a couple of times before a bid is accepted. When submitting an offer, include as much evidence as possible that will support your bid including: appraisals, repair estimates, damage histories, etc.

-4MySales.com

Answer 3

I believe you should phrase your question more carefully. "Real Estate" is a term which refers to real property (land, buildings, homes, etc), which is fixed or attached to the ground, and thus differs from "chattel" or "personal" properties (stocks, bonds, cars, inventories) which are easily transferable.

It appears you're really asking about repossessed or other property held by a bank or mortgage company. There are several ways, depending on Federal and State laws and on the way the proerty came into the bank's possession. They may have an auction, or they may just put it for sale and try to get as close as the market values as possible. Call a bank real estate department in your area and ask.

Answer 4

http://www.*************/index.php?ref=4685 just go there and do offers