Buying Bank Owned Property
Posted on | July 20, 2009 | No Comments
I have had several people purchase or at least try to purchase REO property or Bank Owned Property. This can either be a relatively quick process or one that takes forever! It depends a lot on the timing of the offer and if the company that services the loan is the same company that is the loan investor as this is the hiccup in many transactions.
If you are looking to purchase a Bank Owned Property, please try and find out where the decision maker is so you will have a good idea if you are getting yourself into a long drawn out process or at the place where things can go rather quickly. Sometimes your Realtor will be able to find this information out for you and sometimes you have to contact the bank yourself. Every company works a little bit differently and you will need to work within the rules and regulations that govern these properties within the organization that is servicing the loan. If you’re lucky, you can get a great deal on a home. Good Luck!
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