Re: REO Question
Posted by steele in minnesota on August 27, 2008 at 06:00:16:
In Reply to: Re: REO Question
Posted by Anthony on August 26, 2008 at 18:57:18:
Just a quick comment on the first thought. Vacant/empty does not necessarily equal abandoned. In many areas of the country for the bank to move to secure an asset early they must be able to show that the property was abandoned. Not just that the people are gone but it is fairly obvious that they are not coming back. Often they like to see a major utility off that shows the property is uninhabitable.
Just a clarification.
In answer to your main question, although I could be considered as bias, I would say "yes". Your best move is to stay in contact with the listing agent. And a meeting with him and his team is a very good move. As you guessed he is probably in the loop on alot of properties that are bank owned. There may be something just as good or even better that is already available or coming down the pike. You would be more in the know by having someone like this on your contact list.
We see this all the time in our area. People will call on one of our bank owned properties. For whatever reason it doesn't meet the needs, but as we keep one of the best (IMHO) lists of REO/bank owned houses for our metro they find something that does.
It is a win-win situation.
Steele
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