Re: REO Homes
Posted by steele in minnesota on July 30, 2007 at 12:41:00:
In Reply to: Re: REO Homes
Posted by Kellym on July 27, 2007 at 15:47:32:
Thank you, Kelly.
Once a house is REO (real estate owned) it is now completely owned by the lender. Foreclosure is over and former owner is out of the picture. The house is free and clear with no debt against it. You do buy it "as is" so you may want to have a professional inspection as one of the conditions of sale. The lender will be fine with that.
As to your unsupportive real estate agent, it's not surprising. Less than 1 in 20 agents have any serious training in this area. All the REOs are in the MLS but most don't identify themselves as such.
Some banks do have places on their websites with info but this is getting rarer as most are assigning these properties to asset management companies. You might want to see if you can identify agents who handle such properties for the banks. They typically know what is out there. Not just their own listings.
I know I do for the Twin City market. Yours is a common complaint, but to be fair most agents just don't have the training.
Good luck.
Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC
Minneapolis, Mn
steelep@aol.com
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