REO Question - Posted by JRS

Posted by Tom on November 19, 2000 at 22:25:59:

You can offer anything you want, but if the property is listed with an agent you will be directed to that agent by the bank. The relationships between banks and agents are usally excusive.

REO Question - Posted by JRS

Posted by JRS on November 19, 2000 at 19:19:31:

My tax assessor’s web site shows not only tax assessments but who owns the home and how much they paid. Also, it provides information on the lot and the home. Very helpful.

I see that someone paid 150K for a home 2 years ago and that an out of state bank bought it for 107K this year. I would like to mail a letter of intent to the bank offering 107K cash. Are banks motivated to get REO’s off their books by year’s end?

If a realtor was trying to sell an REO, can I bypass them with offers directly to the bank? (Assuming I had no interaction with the agent.)

Re: REO Question - Posted by dewCO

Posted by dewCO on November 20, 2000 at 21:57:21:

Some times they’re motivated, some times not. No telling with REOs===unless you make the offer. But if it is listed, you need to go through the agent. You can try t bypass the agent, but the bank can’t as they have a written listing contract. So it will wind up with the agent any way.