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.
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