Hello guys, can someone put an offer on properties which have REO status

(0) | asked by: gessica st louis | share | 24 months ago | Report
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answer by Taimi Guillot    |   Contact Me
Absolutely, however, it is recommended that you use the assistance of a real estate professional to help you through the process. I am Short Sale and Foreclosure certified. Glad to help if you are still in the market.
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22 months ago  |   Report   |   share
answer by Alma Kee    |   Contact Me
A Realtor can pull up the current status and let you know if only Owner-Occupant offers are being considered and whether or not the Seller (bank) is ONLY ACCEPTING ALL CASH OFFERS. Some REOs will restrict offers to only owner-occupant Buyers in the first week or two listed. Some Properties that are REOs cannot qualify to get a regular mortgage so you may have to get a Renovation Mortgage. HomeStyle Renovation is the best way to go but if you can only qualify to get an FHA mortgage then you can get an FHA 203k Renovation mortgage. You have to be careful to be sure the house can get regular homeowners hazard insurance or you may have to pay for a very expensive Builders Risk Policy. If you're buying at the top of your preapproval amount then the Builders Risk Insurance my disqualify you from getting the mortgage... just an fyi. Bottom line is if you are trying to find a bargain property and cannot pay cash then it's pretty much impossible unless you get lucky with a Pre-Foreclosure Short Sale where the Seller agrees to take a chance with you and the appraisal/BPO comes in below market. Good luck and find an Experienced Realtor to help you and it will save you lots of time from trying to find a bargain. Banks DO NOT sell to individuals and will list with a local Realtor so you need to get out to the property the first day listed (except in the case of HUD owned and some REOS where you wukk have a week before they will look at bids).
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23 months ago  |   Report   |   share
answer by Joe Oliver    |   Contact Me
Yes you can! I would suggest locating a qualified Realtor to assist you with the REO bidding (offer) process. There are a few REO addendums you will need to fill out and sign before making your offer. It also depends on if you are an Owner Occupant or an Investor, flipper.
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23 months ago  |   Report   |   share
answer by Marco Torres    |   Contact Me
Yes, an Realtor agent can submit an offer on your representation. Please make sure they have experience with REO's representing buyers. Most of the REO's offers are done on line to be transparent and they are either auction or offer bid. They are REO properties that available for buyers with finance while others are only cash offers because of the conditions of the property including liens and/or violations. I'll be glad to help if you need further assistance.
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23 months ago  |   Report   |   share
answer by Teresa Herraiz    |   Contact Me
Yea any active licensee realtor can present an REO offer. There is special addendums that REO must be presented . If you are not working with a Realtor I am a full time Agent that can assist you!!
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24 months ago  |   Report   |   share
answer by Andrew Sesta    |   Visit My Website   |   Contact Me
The short answer is it depends on what type of buyer you are (Investor, Owner Occupant) as well as how long the home has been on the market.Many Foreclosure sellers place certain restrictions on placing offers.
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24 months ago  |   Report   |   share
answer by Javier Olmedo    |   Contact Me
Of course you can. Almost all of the have special clauses that come along with the offer that must be presented. I suggest you read them carefully as they are favorable toward the seller and not the buyer.
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24 months ago  |   Report   |   share
Jon Watral
answer by Jon Watral    |   Contact Me
For the most part. If it is a HUD foreclosure the broker must be certified and registered with HUD. Most brokers are but there are a few that don't feel it is worth the hassle. Ask your agent if their broker is HUD certified as he/she may be assuming they are when in reality they may not be. Take care.
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24 months ago  |   Report   |   share
Jon Watral
answer by Jon Watral    |   Contact Me
For the most part. If it is a HUD foreclosure the broker must be certified and registered with HUD. Most brokers are but there are a few that don't feel it is worth the hassle. Ask your agent if their broker is HUD certified as he/she may be assuming they are when in reality they may not. Take care.
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24 months ago  |   Report   |   share
answer by Adniel Charlot    |   Contact Me
Yes you can place an offer on any REO property, some restriction may apply for some REO property.
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24 months ago  |   Report   |   share
answer by Teresa Herraiz    |   Contact Me
Yes !!!!!!!! Any Agent can present an offer? Most of the REO properties have Special addendum's to be sign by you. I am a Full time Real Estate Agent in Miami Florida and if you are not working with an Agent I am here to Assist you !!
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24 months ago  |   Report   |   share
answer by Teresa Herraiz    |   Contact Me
Yes!!! Any agent can present an offer for you. All REO properties has difference addendum's and must be understood by you. I am a full time REO agent, and if you are not working with an agent I am here to assist you!!
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24 months ago  |   Report   |   share
answer by Gonzalo Cordoba, P.A    |   Contact Me
Absolutely, any agent you choose may help you. Just choose wisely. There is a big difference between an Agent and a Licensee. Anyone with a license does not equate to a good Real Estate Agent. You may want to ask them what was there closed volume the previous year, what is their average sales price, are they full time or part time? If you have any questions or concerns please do not hesitate to call or email us. Thank you! Remember this, We are never too busy for you or any of your Referrals! It's a Good Life!
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24 months ago  |   Report   |   share
answer by ALBERTO CYBEL    |   Contact Me
Yes, any agent who work with you can help you. I recomended doing it with someone you trust
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24 months ago  |   Report   |   share
answer by Leonard Woshczyn    |   Contact Me
Any agent working in that area can submit an offer on REO property. Usually these properties are already listed by an agent or are HUD properties or sometimes are listed by an action house. But yes any agent can submit an offer for you.
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24 months ago  |   Report   |   share
answer by Joseph G. Edwards    |   Visit My Website   |   Contact Me
Yes! You can submit an offer on an REO property. Some Reo have a special process that must be followed and special web site where the seller reviews all offers. What REO property are you interested in?
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24 months ago  |   Report   |   share
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