Household finance REO - Posted by Chan Lipscomb

Real Estate Investing
1

Posted by AndyA on December 04, 1998 at 12:30:19:

They are not the only “bank” that works this way.
Over the years I have purchased several foreclosed
condos that I use as rentals. In every case, regardless of the bank, the process took way too long, and they always used a realtor as their local representitive.I guess it’s the bank’s way of C.Y.A.
If you are patient, the deals can be good.

Andy

2

Household finance REO - Posted by Chan Lipscomb

Posted by Chan Lipscomb on December 03, 1998 at 21:25:48:

Does anybody know who is high in the ranks of Household Finances REO department? They have a wrecked house in FL (I think their REO dept is in CA) that they think they should fix up. Both I and a local realtor have advised them to sell as-is, but the person we are dealing with doesn’t seem to get it…I need to bump up a notch or two.

Thanks

Chan

3

Re: Household finance REO - Posted by SCook85

Posted by SCook85 on December 04, 1998 at 19:59:40:

I have bought 2 homes from Household finance in the last few months. I find it hard to believe that they want to fix a home up. They don’t usually do that. They sell them as-is. You just need to be patient. They are going to do things there way. You can try to get them to sell it to you now, but most likely you will be unsuccessful but you will never know if you don’t try. Banks are funny people to deal with. They do the strangest things. I know someone who bought 6 homes from one bank and on his 7th one they turned down his contract for someone that offered $1000 more and never even gave him an opportunity to bid more. They have a method behind there madness, if you can figure it out, please let me know.

SCook85

4

If You Are Patient - Posted by AndyA

Posted by AndyA on December 04, 1998 at 12:11:46:

I bought a foreclosure from them last April.
I first offered to buy it in pre-foreclosure status
in April 97…they refused my offer. They foreclosed
in Sept 97, and let the house sit vacant for 7 months
over a cold winter. The house was vandalized, and pipes froze. When they were finally ready to sell,
they would not deal directly with me, only thru a realtor. I bought it “as is” in April 98 for mush less than my firt offer. It’s now fixed up and is my home.

Andy