Posted by Mark-NC on December 13, 1999 at 21:44:44:
I have never bought a REO from a Bank with a note. But I have flipped these type of properties using a note and selling the note at closing. This way the bank gets all their money without you having to worry about explaining the discount of the note, because it is a cash offer on the first closing.
You may get lucky and they may accept a note as an offer as long as you can prove that the note will be purchased at closing. Just try it all they can say is no.