I was wondering if I purchase a REO property from the bank can I do a double closing? The property is being sold for 250K, it appraises (FMV) 354K. Any advice is appreciated.
No, when a property is bought back by the bank after auction they usually assign it to a realtor to sale the property for them. I am in the beginning stages with the realtor to place an offer on the property. The realtor will submit my offer to the bank for approval.
oh its listed with a realtor. my grandfather had told me to stray from properties that are marketed by realtors because its less profit. Im somewhat confused when looking through the paper and all that, what Im looking for exactly
You can call any bank and get a list of their REO properties for sale. The properties are normally listed with an agent. Call that agent and submit an offer. They will be able to walk you thru the process.
thatd be awesome. I could really use any reliable people for my "base" I guess this is my confusion. Just from my own personal knowledge of trying to purchase a home, the agents ive had to go through seem to be very "this is what the seller wants and thats it". Thats what makes me nervous. on top of that, how do you do a multiple closing with an agent? that was the original question of the post
No, when a property is bought back by the bank after auction they usually assign it to a realtor to sale the property for them. I am in the beginning stages with the realtor to place an offer on the property. The realtor will submit my offer to the bank for approval.
oh that make sense. so the bank buys the home back at the auction and then sells it? (to the investor)?
oh its listed with a realtor. my grandfather had told me to stray from properties that are marketed by realtors because its less profit. Im somewhat confused when looking through the paper and all that, what Im looking for exactly
You can call any bank and get a list of their REO properties for sale. The properties are normally listed with an agent. Call that agent and submit an offer. They will be able to walk you thru the process.
I can just generally ask the person who answers for the REO properties or is there a particular person of position I want to ask for?
thatd be awesome. I could really use any reliable people for my "base" I guess this is my confusion. Just from my own personal knowledge of trying to purchase a home, the agents ive had to go through seem to be very "this is what the seller wants and thats it". Thats what makes me nervous. on top of that, how do you do a multiple closing with an agent? that was the original question of the post
Yes, Cpifer I would definitely be interested in your contacts. I dont want to screw this up. **Please See My Profile**
Thanks