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When the transfer value is much less than the market value for an REO, is it worth the effort buying from the bank directly ?
(Atlanta, GA)

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NCT Posted: 29 Oct 2010 08:38 AM

When the transfer value is much less than the market value for an REO, is it  worth the effort buying from the bank directly ? Will the bank likely want to match market or will it make a difference approaching them directly ?

 

Thanks.

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darenb replied on 29 Oct 2010 08:50 AM

If you've found an REO with a lower transfer value (the amount the property transferred back to the bank for at the foreclosure sale) than estimated value, you may have found a rare hidden gem in this market: an opportunity to buy a bank-owned property with built-in equity without the bank having to take a loss.

So I would say it's worth the effort to try to get the jump on other buyers and contact the bank directly. Of course the bank will want to look out for its bottom line, but if you can offer to quickly purchase the property (cash is ideal but at least have your financing lined up) and take it off the bank's hands, then you may be able to get a good deal.

Here's more about buying bank-owned properties: http://www.realtytrac.com/foreclosure/reo/reo-bank-owned-homes.html

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