Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
REO's?
So the offer fell through on our SS (stupid people who bid above list price!) and our REA wants us to look at REO's. All of the information that I can find is that REO's are the foreclosures that no one wanted. I am thinking about the terrible condition that the foreclosures we have seen were in, and all I can think is how bad the conditions of REO's are going to be, if they are the foreclosure rejects. We have an FHA loan, with no extra money to spend on repairs, and our LO already told us that they won't give us a 203k for any property. Does anyone know anything about REO's?
"Don't look back, you can never look back." - Don Henley
Re: REO's?
Why won't your LO consider you for a 203K? If you can comfortably afford the higher payment, I'd find a difference LO. If you go to the HUD website, they actually like the LOs in your state that have experience with them. He probably just doesn't want to do the extra paperwork, which is BS.
Back to your original question. My parents have bought several REOs and fixed them up for rentals. They've gotten some STEALS!
Well, that's part of the problem: we could afford the higher payment, but not comfortably. It would be a stretch every month, and we wouldn't be able to replenish our savings. Our LO also explained that they are too risky. If a contractor comes out and gives an estimate, the estimate usually expires before the 203k is approved. That's just the way he explained it.
REO - means Real Estate Owned property.Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Every Foreclosure is an REO property - not just the ones that no one wanted.
Yes there are some awful ones - but there may also be a very nice one at a good price.