Can I Purchase Foreclosure Before It comes on the Market?
By Mayra Espinosa Realtor San Mateo Pacifica Homes, San Mateo County Real Estate | Buy | Sell | Invest
(Mayra Espinosa Broker- Realtor | Call 650-996-8961)
Buying a foreclosure or REO (Real Estate Owned) property before it is available on the local multiple listings services is not easy insofar that the banks want to obtain the highest and best price for their REO properties. After the bank recovers the property through a foreclosure process, they hire local real estate agents to market and sell their property. Usually the banks want to market the property listing 8 to 10 days before they start entertaining offers. The banks want to make sure their properties have been properly marketed and thereby listed on the city's local MLS so it can be exposed to potential buyers and investors in the area. They expect to recover as much revenue as possible in order to mitigate their losses. So, buying an REO property from the bank after it has been f...
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