OfflineHi everybody,
Just wanted to hear about anyone's experiences dealing with realtors to purchase REOs. I spoke with 1 realtor today and he insisted that banks he deals with want to know that you have pre-approved financing before we can go talk to the bank.
Has this been a roadblock for any of you or should I just keep looking for other realtors that deal with REOs? Or are you able to work with realtors that understand that you will be assigning these REOs to 3rd party investors and they will either pay in cash or other resources available to them.
Thx,
Neil
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Hello Neil,
Most REO properties are going to require a pre-approved offer. Banks have
lost a lot of money through the foreclosure process and they are wanting to
minimize any more costs, so they want buyers who have money.
In reference to minimizing costs, most banks don't allow you to assign contracts on an REO property. Again, banks want to get the best priced offer along with a pre-approved buyer so they can close quickly.
Regards,
Drew
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