Bank REO Questions for Program - Posted by Dan

Posted by Dan on March 18, 2002 at 12:48:05:

Hello All,

I have read so much on RE Investment and I am excited about the opportunities.

I have a few questions on Bank REO Properties and how to effectively manage the opportunities. I have 2 investors who wish to fund my purchases through the banks that buy their foreclosed properties at auction. We have a local bank that will handle our loans for their properties but now comes the questions.

  1. Can we use this bank to provide us with other property opportunities at other banks?
  2. Will we need to do title searches and obtain title insurance even though the bank is the property owner?
  3. Can we continue to use our current bank to fund our purchases or are we obligated to use the banks that own the properties?

I look forward to any/all imput that any of you can give. As soon as we begin the process I will keep you informed as to how we do.