Within this forum I am opening for discussion some of the existing avenues that are not clearly defined elsewhere or explored to reveal some known and unknown practices & requirements of the banks and those real estate sales agents that list and represent the REOs that are being or will be for sale.
The following may NOT be true of all REOs or areas they are located in.
TOPICS FOR DISCUSSION:
1) Once a bank forecloses and buys the property back at auction and that property becomes an REO; the bank owning this property is reluctant to or WILL NOT accept an offer until they assign it to a local real estate brokerage to list said property on the MLS.
2) You must arrange to view/inspect/submit a contract on property with the "Listing Agent"/Broker the bank has assigned to this REO.(or your own realtor/agent which will do this by contact with them).
3) The seller (banks) are reluctant to accept a "OR ASSIGNS" contract; and probally will NOT ACCEPT one.
4) The seller (banks) "REQUIRE",as to be submitted with sales contract/offer; A financial Pre-Qualify or Pre-Approval from buyers funding source.(This can hinder those buyers with limited funds or bad credit)
Summoning ALL the DG family to come forth with their insights, knowledge,techniques,wisdom,skills or whatever they have to offer to assist the rest of the DG family with overcoming the roadblocks this may present; guiding by and past detours to find a suitable direction towards a successful route.
THANKS to all that contribute,