Posted by george on September 14, 2005 at 11:07:56:
Buying REOs has a lot to do with your strength, posture, and connections. As well as the condition of the property.
If you have the contacts to deal directly with the lender, you can buy multiple properties that need little repair, for CASH, will act now, the title company can close in ten days, etc, then 75% is a reasonable figure.
On the other hand, if you’re a newbie, no money, hope you can swing a loan in 90 days, the lender probably won’t even talk to you. The property will most likely be retailed through a realtor.
Probably not the answer you wanted to hear, but these are the facts of life.