An investor told me once that the average you will purchase an REO for is between 0 and 10% below market value because the bank is trying to make up for the mortgage due to them.
I've never gone into the REO arena, so I don't know how true it is. I would assume the bank is trying to get as much for the home as possible, so they wouldn't drop the price that much. That's my opinion though.
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An investor told me once that the average you will purchase an REO for is between 0 and 10% below market value because the bank is trying to make up for the mortgage due to them.
I've never gone into the REO arena, so I don't know how true it is. I would assume the bank is trying to get as much for the home as possible, so they wouldn't drop the price that much. That's my opinion though.
Tanya