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07-18-2008, 01:27 AM
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purchasing an REO in CA
Hello, I've been looking around for properties in California, in search of a good deal. I've found plenty of REOs and Shortsales in the area, and it seems like the properties I can afford (200k-250k asking price) are only offered on Condos. I've been looking at a few REO houses in the 400k range, and I've wondered how likely it would be that the they would accept a half priced offer. The specific property i'm looking at has been on the market 140 days, and is owned by the bank. Is it a matter of calling up the bank to see what they'll accept? Any advice would be greatly appreciated.
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07-18-2008, 01:35 AM
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Re: purchasing an REO in CA
I read a similar question asking about properties in Detroit, in which properties settled for $0.35 on the dollar... is there any chance that I can expect such a deal in the Los Angeles area? As I DO know which bank owns the property, would anyone have any advice as to how I can approach the bank with my offer?
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