I need some opinions on REO’s and getting contracts on them. I have been told that for REO’s you cannot put in a contract with the seller and sell it because it is too late at this point - instead it would have to be a Short Sale. Is this correct or is there still time? The REO’s I am dealing with have a sell date 3 months out. Feedback would be greatly appreciated. Thanks,
If it has a sale date of 3 months out it is not a REO… R.E.O. means Real Estate Owned (BANK OWNED PROPERTY) If the sale date is still 3 months out these are great deals to Short Sale. And you should get a great discount by doing a short sale on these properties. Hope this helps
Oooops, I messed that up - you are correct, this isn’t an REO. I looked back and found that these are actually Trust Sales. There were some REO’s mixed in and I got them confused. So on that note, can Trust Sales work Wholesale? I’ve never heard of anyone doing them but are they possible?