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    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #1

    May 18, 2010, 05:46 PM
    REO's for sale
    Hello:

    Here I am, purporting to be an expert in real estate matters... However, I don't know as much as I think I do... My son is looking for property. He avoids REO's because he said they are only sold with a minimum of 25% down, and stellar credit. He qualifies for a conventional loan but doesn't have 25% down.

    I thought REO's could be financed the same as any ole real estate. What am I missing?

    excon
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    May 18, 2010, 06:03 PM

    From what Im seeing there is nothing to contradict what your line of thinking is. Its just a different type of transaction is all.

    Ref:

    Bank-Owned Properties and REO Frequently Asked Questions - RealtyTrac
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    May 18, 2010, 06:31 PM

    Often if you are dealing with bank owned property, they have a lot not even listed and a lot that is not being cared for.

    You should get one of the best deals there, Often the issue is the bank agreeing to it, ( getting to the person to OK or call you back) but I just bought a bank owned property about 9 months ago, ( sitting in it now) and I could almost name my terms. I got it for 10,000 less than the bank loan was on it. Now of course you don't get any disclosure since they have no knowledge of the property
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