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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Property is REO, but not for sale(?) Posted by SeanW on March 14, 2004 at 8:19 AM In Reply to: Property is REO, but not for sale(?) posted by Mike on March 12, 2004 at 12:28 AM What you're encountering is not too unusual. Banks have a process to dispose of reposessed collateral, and they want to follow the process. Even when doing things quicker or a little differently would help them. I once found a property where the bank foreclosed in THIRD position. I called up and asked if they'd be interested in an offer. (Was willing to pay off the 1st and 2nd, and give them a few thousand on their 3rd.) They referred me to a Realtor who was "going to list it soon". It did get listed, (no I didn't buy-- didn't see the point in paying a listing agent a fee for a house I already knew about). A months later is was foreclosed again by the 1st position holder. (Too late-- had my money tied up in other deals by that point.) Oh well, it's not up to us to help banks. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : What you're encountering is not too unusual. Banks have a process to dispose of reposessed collateral, and they want to follow the process. Even when doing things quicker or a little differently would help them. : I once found a property where the bank foreclosed in THIRD position. I called up and asked if they'd be interested in an offer. (Was willing to pay off the 1st and 2nd, and give them a few thousand on their 3rd.) They referred me to a Realtor who was "going to list it soon". It did get listed, (no I didn't buy-- didn't see the point in paying a listing agent a fee for a house I already knew about). : A months later is was foreclosed again by the 1st position holder. (Too late-- had my money tied up in other deals by that point.) : Oh well, it's not up to us to help banks. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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