Q: I have found a home that I am interested in buying, from what I?ve been able to research it is a REO property with Fannie Mae as the owner. It is not listed as an active listing (looks like Fannie Mae took over 11/11). Does it take a while for the properties to be listed? How can I go about finding additional info? I would like to make a full cash purchase of home.
?Katie, Solon, OH
A: Dear OH, great question. In my book, REO BOOM I talk about the six steps of the REO cycle and what it takes from the time the property gets reverted back to the bank (REO) to the time it hits the market (MLS). In a quick cursory view you need to wait until the bank oders the broker price opinion from their designated real estate broker/agent. Keep your eyes peeled and be ready to pull the trigger as many properties that are REOs end up being bidded ABOVE THE LISTING PRICE. Usually takes about 60-90 days before the property hits the market depending on whether it needs repairs or not. There is one important thing you need to understand whichI go in length in my book-the Multiple Offer process. I call this the ?Multiple Offer Monster? and can make or break you in terms of winning the bid or not. too long to discuss here but check it out. good luck.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: Go to www.homepath.com and look for the home to be listed there. Owner occupants get a special selection during the 1st two weeks it is on the market.
Your agent can make an offer directly from their website. I recommend you find your own agent to represent you and not go with the listing agent because the listing agent has a fiduciary duty to the seller and not you. You want someone who has that duty to you, not someone else.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: It takes a while. Sometimes a few years. You just have to wait till it hits the market. From there, you will be able to make an offer.
Matt Laricy is a Realtor? with Americorp Real Estate in Chicago, IL.
A: Some properties do take a while to come on the market and some will never make it onto the resale market since banks often will sell of large portions of their foreclosed inventory in ?tapes? to investors. The best place to start is to find a Fannie Mae local listing broker who may be able to check on the property for you and get additional information.
You may also want to consider working with a buyer?s agent who can set up an automatic search for that address and notify you if it becomes available.
Christy Walker is a Realtor? with Re/Max Signature in Phoenix, AZ.
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Source: http://rock-n-rollrealestateagent.com/how-long-will-it-take-for-an-reo-property-to-be-listed/
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