Posted by keith hutson on August 24, 2003 at 16:23:51:
yea, in my area the banks are getting almost full market value for their REO’s, even in crappy shape. They are almost a waste of time fooling with
KHutson
abandoned reo - Posted by Carrie-PA
Posted by Carrie-PA on August 23, 2003 at 09:22:33:
Hello,
I looked up a property at the tax assessors office and the owner came up as Washington Mutual in CA. I assume this means that the house went back to this bank after a foreclosure auction. What steps do I take now? I figure I will establish an ARV for the prop. by pulling comps, estimate repairs from the outside and looking in the windows and just write an offer based on this to the address I got from the tax office. I will also have a clause “contingent upon inspection” and it would be all cash. Does this sound right? Let me know what you think. By the way this house isn’t listed or anything - I am not trying to bypass any realtors. Thanks.
Carrie
Re: abandoned reo - Posted by IB (NJ)
Posted by IB (NJ) on August 25, 2003 at 23:42:06:
You probably want to make sure you contact the right person in the REO dept. before you send your letter. WM is a big institution. It will be hard to avoid your letter going to someone who cannot make a decision rearding the sale of the property unless you contact the right person/dept. first.
Re: abandoned reo - Posted by Jasonrei
Posted by Jasonrei on August 23, 2003 at 09:33:53:
These REOs are everywhere and many times they sit for a while before being offered up for sale. I haven’t figured out why that is, yet.
In my area (Houston) I think it would be a waste to spend much time on these vacants because the banks usually want too much for these to be good investments. Still, your area might be different. Send that offer in, and follow up with a call.