I just noticed an REO in Seacrest, originally listed as a short sale for 795K (297 sq. ft.), came back on the market as an REO at 565K (211 sq.ft.) and went under contract in 4 days.
Priced right REOs are moving fast
- Thread starter 30ashopper
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It's all about price!;-)
For those who have no idea what a REO is, a REO (Real Estate Owned ... by the lender) is a property which is owned by the lender, after having been taken back from the owner who couldn't pay their bills.
The crazy thing is that the bank could have gotten more money from it had they been upfront with the listing agent regarding the price. The banks are kicking themselves in the ars, and it just doesn't make sense to me.
The crazy thing is that the bank could have gotten more money from it had they been upfront with the listing agent regarding the price. The banks are kicking themselves in the ars, and it just doesn't make sense to me.
The banks have to have a limit on how flexible they can be with borrowers. They have to have a wall, which borrowers must face (or have their back against). This perpetuates the system of borrowing and lending which has existed for thousands of years. Short term losses sometimes have to happen for long term gains.
Imagine debtors prison, or being shipped to another country as an indentured servant.
Imagine debtors prison, or being shipped to another country as an indentured servant.
Or all bleeding eventually stops.
no. The only thing specially noted would be the seller's name, being the lender.
I wouldn't call it "easy," but it is somewhat possible.
Google "REO" and name a bank or mortgage company (i.e. REO "Countrywide").
Usually in the resulting list you will find the line item that directs you to their REO listings. You may find that each financial institution has a different way to search for properties: They ask you to identify the state; type of property; zip code; # bedrooms; etc.
Happy hunting!
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foreclosures.com
foreclosure.com
foreclosurelistings.com
realtytrac.com
These guys all tap into county records.
