REO Not Showing Bank Owned
Hi,
I was at the Sheriff Sale and the Plantiff won the auction.
The property is NOW listed with a local Real Estate Office. The property was appraised at $12,000, and 2/3 was 8000.
The plantiff won the auction at $12,000.
Now the Listing is at $21,900.
My question is this.....
The agent does not list the property as "Lender owned" or "Bank Owned", all the agent has put is "sold as is"
Don't they have to put it as Bank or Lender Owned????
Thank you!!
Here is an example of an REO I just bought. Loan amount was 64K. Bank bought it back at Sheriff sale for 39K. Listed it with a Realtor for 35K. I picked it up for 32K with them paying $1500 in closing costs. It was listed as bank owned.
In most states the realtor does not have to disclose who the seller is. They are only obligated to disclose any known material defects of the property.