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REPO / REO
DIGEST
What Are Bank REO (Real Estate Owned) Properties?Benefits of
buying a Bank foreclosure
Negatives:
Most Bank REOs / Repo's have a third-party manager who is responsible for the upkeep of the property while the bank owns it, and they are your liason with the bank. Offers must be made through them, and they will relay counter-offers from the bank. In general, banks do not negotiate much on prices, so if you offer less than asking price be prepared to go through the negotiation process several times for a minimal discount. * Remember the listing agent is working for the BANK!! "NEVER THE BUYER". Their job is to put the MOST money in the bank's pocket as well as their own. Other commen names you may hear are other then REO & REPO - Bank Owned, Fannie Mae, Freddie Mac, Home Steps, Corporate Owned, Third Party Owner, Foreclosure, & Default Property
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