Why is it you need a realtor to bid or buy reos?
Are you talking about bidding on a HUD home online? Certain websites like HUD requires special access by Realtors for bidding. Other auction sites are set up for bids by anyone.
No. Its a home that was listed at 33000 and now its 30000 its been sitting for 45 days and no1 has purchased it. Its an Reo but i call the phone number and the lady said i need a realtor to bid on it.
Im clearly no expert, but if that really is the law… that is a BS law.
You don’t pay for the realtor. If you don’t have one the selling agent makes double.
Wait till 60 days and make a cheap offer if that’s what you want.
The most they are going to get from me is 10 percent. Ill think about 25%. And i think i can talk them down cause no1 is bidding or has bid on it. I have some1 with shotty credit , a good job, and 3000 down payment to get into the home. Of course i need to control the property first. Any ideas of how i can move this along quicker?
so what should i do? What an additional 20 days and give my low ball offer?
That you need realtors to bid on hud homes or reos.
If it is a REO or bank own you need to come with cash to buy it.
We’re getting bank financing for 4 REOs they hold. They’re being put into a package deal with some properties from another investor.
What bank is financing REO"s?
Mine does - they’re commercial loans like a construction loan. They finance 80%.