I’m a newbie and I need to know can you short sale REOs that have already been foreclosed on? If so, how does this work or what are the basic steps? Thanks in advance.
These properties are already foreclosed on, and now they are listed with a realtor to sell. YOu can make a low offer though. You never know.
Thank you, Jared. I received this same answer on The Creative Investor website. I was told by The ShortSalePro…
"the same techniques used in devising a compelling preforeclosure short sale proposal can be used when submitting an offer for the purchase of an REO.
Of course, the Broker who lists it will take issue with your attempts to denigrate it’s value. Make nice with the Broker."
Thanks again, Jared.
He he… Always make nice with the broker. Good luck to you.
That also depends on what state you are in I know here in Colorado there is a 75 day redemption period where lets say the first was sold at the sale out can short the second mortgage! I think the question is not about R.E.O.s those are properties owned by the bank… Those are fun to bulk buy 10-15 at a time!